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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
Municipal Income Trust, 55 East 52nd Street, New York, NY 10055.

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2010

Date of reporting period: 10/31/2009

Item 1 – Report to Stockholders



EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report

OCTOBER 31, 2009 | (UNAUDITED)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Strategic Municipal Trust (BSD)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


Table of Contents     
      Page 
Dear Shareholder      3 
Semi-Annual Report:       
Trust Summaries      4 
The Benefits and Risks of Leveraging    10 
Derivative Financial Instruments    10 
Financial Statements       
       Schedules of Investments    11 
       Statements of Assets and Liabilities    32 
       Statements of Operations    33 
       Statements of Changes in Net Assets    34 
       Statement of Cash Flows    36 
Financial Highlights      37 
Notes to Financial Statements    43 
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements    49 
Officers and Trustees      53 
Additional Information      54 
2  SEMI-ANNUAL REPORT  OCTOBER 31, 2009   


Dear Shareholder

Over the past 12 months, we have witnessed a seismic shift in market sentiment — from fear and pessimism during the worst economic decline and crisis

of confidence in financial markets since The Great Depression to increasing optimism amid emerging signs of recovery. The period began in the midst of an

intense deterioration in global economic activity and financial markets in the final months of 2008 and the early months of 2009. The collapse of confi-

dence resulted in massive government policy intervention on a global scale in the financial system and the economy. The tide turned dramatically in March

2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises in corporate earnings.

Not surprisingly, global equity markets endured extreme volatility over the past 12 months, starting with steep declines and heightened risk aversion in the

early part of the reporting period, which eventually gave way to an impressive rally that began in March. Although there have been fits and starts along the

way and a few modest corrections, the new bull market has pushed all major US indices well into positive territory for 2009. The experience in international

markets was similar to that in the United States. In particular, emerging markets (which were less affected by the global credit crunch and are experiencing

faster economic growth rates when compared to the developed world) have posted impressive gains since the rally began.

In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, which drove yields sharply lower,

but concerns about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. As economic

and market conditions began to improve in early 2009, near-zero interest rates on risk-free assets prompted many investors to reallocate money from cash

investments into higher-yielding and riskier non-Treasury assets. The high yield sector was the greatest beneficiary of this move, having decisively outpaced

all other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following

one of its worst years in 2008. Investor demand remains strong for munis, helping to create a highly favorable technical backdrop. Municipal bond mutual

funds are seeing record inflows, reflecting the renewed investor interest in the asset class.

As a result of the rebound in sentiment and global market conditions, most major benchmark indexes are now in positive territory for both the

6- and 12-month periods.

Total Returns as of October 31, 2009  6-month  12-month 
US equities (S&P 500 Index)  20.04%  9.80% 
Small cap US equities (Russell 2000 Index)  16.21  6.46 
International equities (MSCI Europe, Australasia, Far East Index)  31.18  27.71 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*)  (0.79)  8.12 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  5.61  13.79 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  4.99  13.60 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  27.72  48.65 
* Formerly a Merrill Lynch index.     
       Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   

The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market
turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment
insight, visit the most recent issue of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you
for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.


Announcement to Shareholders

On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world's preeminent investment management firms.

The new company, operating under the BlackRock name, manages $3.19 trillion in assets** and offers clients worldwide a full complement of active man-

agement, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled

investment vehicles, and the industry-leading iShares platform of exchange traded funds.

** Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management and other data at BlackRock, Inc.
and Barclays Global Investors.

THIS PAGE NOT PART OF YOUR FUND REPORT 3


Trust Summary as of October 31, 2009 BlackRock Investment Quality Municipal Trust Inc.

Investment Objective

BlackRock Investment Quality Municipal Trust Inc. (BKN) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the
issuer, is exempt from regular federal income tax consistent with the preservation of capital.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended October 31, 2009, the Trust returned 23.85% based on market price and 15.88% based on net asset value (“NAV”). For the
same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and
14.93% on a NAV basis. All returns reflect reinvestment of dividends. During the period, the Trust moved from a discount to a premium to NAV, which
accounts for the difference between performance based on price and performance based on NAV. During the period, the Trust maintained heavy exposure
to A– and BBB-rated credits. Additionally, the Trust was positioned with a longer duration relative to its Lipper peers, and its holdings primarily comprised
longer-dated bonds. These factors benefited total return as credit spreads narrowed and there was a combined curve flattening with an overall rally in
prices. On a sector basis, the Trust’s significant holdings in housing and health contributed positively as these sectors outperformed. Lastly, fund manage-
ment was active in the new-issue market, adding attractively-structured bonds at a discount to where similar credits were trading in the secondary market.
Conversely, the Trust held fewer discount-coupon bonds, which saw the most price appreciation as municipal yields fell during the period; this detracted
from results. Moreover, the Trust’s dividend to the shareholder was below the average of its Lipper peers.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

     Trust Information                 
  Symbol on New York Stock Exchange (“NYSE”)            BKN 
  Initial Offering Date            February 19, 1993 
  Yield on Closing Market Price as of October 31, 2009 ($13.56)1          7.21% 
  Tax Equivalent Yield2              11.09% 
  Current Monthly Distribution per Common Share3            $0.0815 
  Current Annualized Distribution per Common Share3            $0.9780 
  Leverage as of October 31, 20094              38% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
     4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, 
  which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a 
         discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.     
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $13.56  $11.35  19.47%  $14.24  $11.21 
  Net Asset Value      $13.00  $11.63  11.78%  $13.86  $11.63 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       28%  25%         AAA/Aaa      19%  22% 
  County/City/Special District/             AA/Aa      23  30 
     School District  16  20         A      33  26 
  State  12  12         BBB/Baa      13  9 
  Utilities  10  8         BB/Ba      1  3 
  Housing  10  11         B      3  1 
  Transportation  9  10         CCC/Caa        1 
  Education  7  7         Not Rated6    8  8 
  Corporate  6  5           
        5 Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors 
  Tobacco  2  2                 Service (“Moody’s”) ratings.     
        6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $20,636,430 
                       representing 6% and $12,511,098 representing 4%, respectively, 
                       of the Trust’s long-term investments.     
4       SEMI-ANNUAL REPORT                               OCTOBER 31, 2009     


Trust Summary as of October 31, 2009 BlackRock Long-Term Municipal Advantage Trust

Investment Objective

BlackRock Long-Term Municipal Advantage Trust (BTA) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is
exempt from regular federal income tax.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended October 31, 2009, the Trust returned 16.37% based on market price and 16.69% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trust's discount to NAV, which widened during the period, accounts for the difference between
performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, tobacco and
corporate-related debt. Renewed risk appetite was also beneficial, given the Trust’s focus on lower-rated credits. In addition, the Trust’s long duration stance
and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included
less exposure to the tax-backed and essential services sectors.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information                 
  Symbol on NYSE              BTA 
  Initial Offering Date            February 28, 2006 
  Yield on Closing Market Price as of October 31, 2009 ($9.88)1          6.98% 
  Tax Equivalent Yield2              10.74% 
  Current Monthly Distribution per Common Share3            $0.0575 
  Current Annualized Distribution per Common Share3            $0.6900 
  Leverage as of October 31, 20094              37% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
  4 Represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus 
         the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging 
         on page 10.               
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $9.88  $8.79  12.40%  $10.72  $8.65 
  Net Asset Value      $10.73  $9.52  12.71%  $11.40  $9.52 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       17%     12%         AAA/Aaa             15%  18% 
  Education  15  16         AA/Aa      43  37 
  County/City/Special District/             A      10  8 
     School District  14  15         BBB/Baa      10  15 
  Housing  10  12         BB/Ba      2  1 
  Utilities  10  8         B      4  3 
  State  10  9         Not Rated6    16  18 
  Transportation  10  10             5 Using the higher of S&P’s or Moody’s ratings.   
  Tobacco  7  13  6 The investment advisor has deemed certain of these securities to 
  Corporate  7  5                 be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $1,737,913 repre- 
        senting 1% and $1,468,107 representing 1%, respectively, of the 
                       Trust’s long-term investments.     
       SEMI-ANNUAL REPORT        OCTOBER 31, 2009    5 


Trust Summary as of October 31, 2009 BlackRock Municipal 2020 Term Trust

Investment Objective

BlackRock Municipal 2020 Term Trust (BKK) (the “Trust”) seeks to provide current income exempt from regular federal income tax and to return $15 per
share (the initial public offering price) on or about December 31, 2020.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended October 31, 2009, the Trust returned 17.06% based on market price and 17.08% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which remained substantially unchanged during the period, accounts for
the difference between performance based on price and performance based on NAV. The Trust’s allocation to lower-rated issues with longer maturities bene-
fited performance as the high yield sector outperformed, with credit spreads contracting as the overall market improved and yields declined. Conversely, the
Trust’s short-duration bias detracted from performance in an environment where yields fell. The Trust is managed to meet a 2020 termination date, and as
such, maintains a generally shorter duration than that of its Lipper category, which comprises longer-duration funds. Accordingly, the Trust did not fully bene-
fit from the price appreciation that occurred amongst longer-dated securities.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

     Trust Information                 
  Symbol on NYSE              BKK 
  Initial Offering Date            September 30, 2003 
  Termination Date (on or about)            December 31, 2020 
  Yield on Closing Market Price as of October 31, 2009 ($14.47)1          5.16% 
  Tax Equivalent Yield2              7.94% 
  Current Monthly Distribution per Common Share3          $0.06225 
  Current Annualized Distribution per Common Share3          $0.74700 
  Leverage as of October 31, 20094              39% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
     4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu- 
  table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see 
         The Benefits and Risks of Leveraging on page 10.             
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $14.47  $12.70  13.94%  $14.76  $12.42 
  Net Asset Value      $13.72  $12.04  13.95%  $14.26  $12.04 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Corporate       18%  17%         AAA/Aaa             17%  22% 
  County/City/Special District/             AA/Aa      10  16 
     School District  15  17         A      24  17 
  Health  15  15         BBB/Baa      27  27 
  Transportation  11  9         BB/Ba      3  1 
  State  10  9         B      4  3 
  Utilities  9  8         CC/Ca        1 
  Education  9  9         Not Rated6    15  13 
  Tobacco  7  10             5 Using the higher of S&P’s or Moody’s ratings.   
  Housing  6  6           
        6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $6,099,320 repre- 
                       senting 1% and $5,768,611 representing 1%, respectively, of the 
                       Trust’s long-term investments.     
6       SEMI-ANNUAL REPORT      OCTOBER 31, 2009     


Trust Summary as of October 31, 2009 BlackRock Municipal Income Trust

Investment Objective

BlackRock Municipal Income Trust (BFK) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt
from regular federal income tax.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended October 31, 2009, the Trust returned 16.99% based on market price and 21.79% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV
basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to a discount to NAV by period-end, which accounts for the difference
between performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, trans-
portation and corporate-related debt. Renewed risk appetite was also beneficial, given the Trust’s focus on lower-rated credits. In addition, the Trust’s long
duration stance and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative
factors included less exposure to the tax-backed and essential services sectors.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information                 
  Symbol on NYSE              BFK 
  Initial Offering Date            July 27, 2001 
  Yield on Closing Market Price as of October 31, 2009 ($12.50)1          7.55% 
  Tax Equivalent Yield2              11.62% 
  Current Monthly Distribution per Common Share3            $0.0786 
  Current Annualized Distribution per Common Share3            $0.9432 
  Leverage as of October 31, 20094              38% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
  4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu- 
  table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see 
         The Benefits and Risks of Leveraging on page 10.             
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $12.50  $11.10  12.61%  $14.25  $10.68 
  Net Asset Value      $12.59  $10.74  17.23%  $13.34  $10.74 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       20%  22%         AAA/Aaa      18%  34% 
  Corporate  13  12         AA/Aa      19  15 
  Transportation  13  11         A      30  21 
  Utilities  12  13         BBB/Baa      18  14 
  Education  12  11         BB/Ba      1  3 
  State  9  9         B      7  4 
  County/City/Special District/             CCC/Caa      1  1 
     School District  9  8         Not Rated6    6  8 
  Housing  7  9             5 Using the higher of S&P’s or Moody’s ratings.   
  Tobacco  5  5  6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $21,665,391 repre- 
                       senting 2% and $17,649,155 representing 2%, respectively, of the 
                       Trust’s long-term investments.     
       SEMI-ANNUAL REPORT               OCTOBER 31, 2009    7 


Trust Summary as of October 31, 2009 BlackRock Pennsylvania Strategic Municipal Trust

Investment Objective

BlackRock Pennsylvania Strategic Municipal Trust (BPS) (the “Trust”) seeks to provide monthly income which, in the opinion of bond counsel to the issuer,
is exempt from regular federal and Pennsylvania income taxes.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended October 31, 2009, the Trust returned 24.45% based on market price and 16.96% based on NAV. For the same period, the
closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 16.92% on a market price basis and 12.05% on a NAV basis.
All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. A higher concentration in interest-rate-sensitive bonds benefited Trust performance as rates steadily
declined through the period. Certain sector allocations also contributed to the Trust’s performance, specifically the long-term care and continuing care retire-
ment communities sector, bonds escrowed to maturity, and US territories (i.e., Puerto Rico, Guam and the Virgin Islands). Conversely, low exposure to both
the corporate and non-investment-grade credit sectors detracted from the Trust’s performance as credit spreads tightened and these issues outperformed.
The Trust’s moderate cash level had no impact on performance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

     Trust Information                 
  Symbol on NYSE Amex              BPS 
  Initial Offering Date            August 25, 1999 
  Yield on Closing Market Price as of October 31, 2009 ($11.92)1          6.44% 
  Tax Equivalent Yield2              9.91% 
  Current Monthly Distribution per Common Share3            $0.064 
  Current Annualized Distribution per Common Share3            $0.768 
  Leverage as of October 31, 20094              38% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
     4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets 
         attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, 
         please see The Benefits and Risks of Leveraging on page 10.           
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $11.92  $ 9.85  21.02%  $13.03  $ 9.84 
  Net Asset Value      $13.50  $11.87  13.73%  $14.03  $11.86 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       27%  24%         AAA/Aaa             19%  23% 
  Housing  17  14         AA/Aa      42  46 
  State  16  15         A      16  17 
  County/City/Special District/             BBB/Baa      18  7 
     School District  12  15         BB/Ba      1  1 
  Education  11  9         Not Rated6    4  6 
  Transportation  9  11             5 Using the higher of S&P’s or Moody’s ratings.   
  Utilities  6  8             6 The investment advisor has deemed certain of these securities to 
  Corporate  2  4                 be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $1,605,730 repre- 
                       senting 4% and $1,623,020 representing 4%, respectively, of the 
                       Trust’s long-term investments.     
8       SEMI-ANNUAL REPORT      OCTOBER 31, 2009     


Trust Summary as of October 31, 2009 BlackRock Strategic Municipal Trust

Investment Objective

BlackRock Strategic Municipal Trust (BSD) (the “Trust”) seeks to provide high current income, which, in the opinion of bond counsel to the issuer, is
exempt from regular federal income tax, consistent with the preservation of capital.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended October 31, 2009, the Trust returned 20.81% based on market price and 16.91% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between
performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, transportation and
corporate-related debt. Renewed risk appetite was also beneficial, given the Trust’s focus on lower-rated credits. In addition, the Trust’s long duration stance
and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included
less exposure to the tax-backed, essential services and tobacco sectors. The Trust’s cash reserves had no impact on performance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information                 
  Symbol on NYSE              BSD 
  Initial Offering Date            August 25, 1999 
  Yield on Closing Market Price as of October 31, 2009 ($11.83)1          7.10% 
  Tax Equivalent Yield2              10.92% 
  Current Monthly Distribution per Common Share3            $0.07 
  Current Annualized Distribution per Common Share3            $0.84 
  Leverage as of October 31, 20094              38% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.             
  4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu- 
  table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see 
         The Benefits and Risks of Leveraging on page 10.             
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $11.83  $10.15  16.55%  $12.79  $10.06 
  Net Asset Value      $12.35  $10.95  12.79%  $13.15  $10.95 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       19%     19%         AAA/Aaa      26%  31% 
  County/City/Special District/             AA/Aa      23  29 
     School District  16  16         A      24  20 
  Transportation  14  13         BBB/Baa      13  5 
  Education  12  10         BB/Ba      2  4 
  Corporate  11  10         B      5  5 
  Utilities  11  8         CCC/Caa      2  1 
  Housing  8  10         Not Rated6    5  5 
  State  8  13             5 Using the higher of S&P’s or Moody’s ratings.   
  Tobacco  1  1           
        6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $3,804,164 repre- 
                       senting 3% and $2,678,936 representing 2%, respectively, of the 
                       Trust’s long-term investments.     
       SEMI-ANNUAL REPORT               OCTOBER 31, 2009    9 


The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the yield and NAV of
their Common Shares. However, these objectives cannot be achieved in all
interest rate environments.

To leverage, all the Trusts, except for BTA, issue Preferred Shares, which pay
dividends at prevailing short-term interest rates, and invest the proceeds in
long-term municipal bonds. In general, the concept of leveraging is based
on the premise that the cost of assets to be obtained from leverage will be
based on short-term interest rates, which normally will be lower than the
income earned by each Trust on its longer-term portfolio investments. To
the extent that the total assets of each Trust (including the assets obtained
from leverage) are invested in higher-yielding portfolio investments, each
Trust’s Common Shareholders will benefit from the incremental net income.

To illustrate these concepts, assume a Trust’s Common Shares capitalization
is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope. In
this case, the Trust pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the securi-
ties purchased by the Trust with assets received from Preferred Shares
issuance earn the income based on long-term interest rates. In this case,
the dividends paid to Preferred Shareholders are significantly lower than
the income earned on the Trust’s long-term investments, and therefore the
Common Shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-
term and long-term interest rates, the incremental net income pickup on
the Common Shares will be reduced or eliminated completely. Furthermore,
if prevailing short-term interest rates rise above long-term interest rates of
6%, the yield curve has a negative slope. In this case, the Trust pays divi-
dends on the higher short-term interest rates whereas the Trust’s total port-
folio earns income based on lower long-term interest rates.

Furthermore, the value of the Trusts’ portfolio investments generally varies
inversely with the direction of long-term interest rates, although other factors
can influence the value of portfolio investments. In contrast, the redemp-
tion value of the Trusts’ Preferred Shares do not fluctuate in relation to inter-
est rates. As a result, changes in interest rates can influence the Trusts’ NAV
positively or negatively in addition to the impact on Trust performance from
leverage from Preferred Shares discussed above.

The Trusts may also leverage their assets through the use of tender option
bond (“TOB”) programs, as described in Note 1 of the Notes to Financial
Statements. TOB investments generally will provide the Trusts with economic
benefits in periods of declining short-term interest rates, but expose the
Trusts to risks during periods of rising short-term interest rates similar to

those associated with Preferred Shares issued by the Trusts, as described
above. Additionally, fluctuations in the market value of municipal bonds
deposited into the TOB trust may adversely affect each Trust’s NAVs per
share.

The use of leverage may enhance opportunities for increased income to the
Trusts and Common Shareholders, but as described above, it also creates
risks as short- or long-term interest rates fluctuate. Leverage also will gen-
erally cause greater changes in the Trusts’ NAV, market price and dividend
rate than a comparable portfolio without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Trusts’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, each Trust’s net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. Each Trust
may be required to sell portfolio securities at inopportune times or at dis-
tressed values in order to comply with regulatory requirements applicable
to the use of leverage or as required by the terms of leverage instruments,
which may cause a Trust to incur losses. The use of leverage may limit each
Trust’s ability to invest in certain types of securities or use certain types of
hedging strategies, such as in the case of certain restrictions imposed by
ratings agencies that rate preferred shares issued by the Trusts. Each Trust
will incur expenses in connection with the use of leverage, all of which are
borne by Common Shareholders and may reduce income to the Common
Shares.

Under the Investment Company Act of 1940, the Trusts are permitted to
issue Preferred Shares in an amount of up to 50% of their total managed
assets at the time of issuance. Under normal circumstances, each Trust
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of October 31, 2009, the Trusts had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:

  Percent of 
  Leverage 
BKN  38% 
BTA  37% 
BKK  39% 
BFK  38% 
BPS  38% 
BSD  38% 

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including finan-
cial futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which constitute forms of economic leverage. Such instruments
are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market and/or interest rate risks. Such
derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset and
illiquidity of the derivative instrument. The Trusts’ ability to successfully use
a derivative instrument depends on the investment advisor’s ability to accu-

rately predict pertinent market movements, which cannot be assured. The
use of derivative instruments may result in losses greater than if they had
not been used, may require the Trusts to sell or purchase portfolio securi-
ties at inopportune times or for distressed values, may limit the amount of
appreciation the Trusts can realize on an investment or may cause the
Trusts to hold a security that they might otherwise sell. The Trusts’ invest-
ments in these instruments are discussed in detail in the Notes to
Financial Statements.

10 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments October 31, 2009 (Unaudited) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 3.1%       
Birmingham Alabama Special Care Facilities Financing       
 Authority, RB, Health Care Facilities, Children’s Hospital     
 (AGC), 6.00%, 6/01/39  $ 1,100  $ 1,167,078 
Birmingham Special Care Facilities Financing Authority,       
 RB, Childrens Hospital (AGC), 6.00%, 6/01/34    1,745  1,858,739 
Coosa Valley Water Supply District Inc., RB (AGC):       
     4.50%, 10/01/34    900  848,484 
     4.50%, 10/01/36    2,045  1,894,549 
     4.50%, 10/01/39    1,200  1,098,648 
      6,867,498 
Arizona — 5.2%       
City of Goodyear Arizona, GO (FSA), 4.25%, 7/01/36    1,125  1,027,676 
Glendale Municipal Property Corp., Arizona, RB, Series A     
 (FSA), 4.50%, 7/01/32    1,150  1,108,738 
Mohave County Unified School District No. 20, Kingman,     
 GO, School Improvement, Project 2006, Series C (AGC),     
 5.00%, 7/01/26    1,800  1,908,954 
Salt Verde Financial Corp., RB, Senior:       
     5.00%, 12/01/32    1,035  925,497 
     5.00%, 12/01/37    4,585  3,900,001 
San Luis Facility Development Corp., RB, Senior Lien       
 Project, Regional Detention Center:       
     6.25%, 5/01/15    490  454,681 
     7.00%, 5/01/20    490  452,682 
     7.25%, 5/01/27    980  894,025 
University Medical Center Corp., Arizona, RB,       
 6.50%, 7/01/39    750  791,205 
      11,463,459 
California — 26.2%       
California County Tobacco Securitization Agency, RB, CAB,     
 Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)    7,090  86,994 
California Health Facilities Financing Authority, RB,       
 Cedars-Sinai Medical Center, 5.00%, 8/15/39    880  818,242 
California State Department of Veterans Affairs, California,     
 RB, Series B, AMT, 5.25%, 12/01/37    5,000  4,499,750 
Carlsbad Unified School District, GO, Election, Series B,     
 6.09%, 5/01/34 (b)    1,500  901,545 
County of Sacramento California, RB, Senior, Series A       
 (FSA), 5.00%, 7/01/41    2,000  1,965,520 
Dinuba Unified School District, GO, Election of 2006 (FSA):     
     5.63%, 8/01/31    250  259,187 
     5.75%, 8/01/33    535  554,340 
Foothill Eastern Transportation Corridor Agency, California,     
 Refunding RB:       
     5.75%, 1/15/40    3,495  3,189,118 
     CAB, 5.88%, 7/15/28 (b)    7,000  6,797,560 

  Par   
Municipal Bonds  (000)  Value 
California (concluded)     
Golden State Tobacco Securitization Corp., California, RB,     
 Asset-Backed, Senior, Series A-1, 5.13%, 6/01/47  $ 805  $ 532,145 
Hartnell Community College District, California, GO,     
 Premium Capital Appreciation Election of 2002,     
 Series D, 7.17%, 8/01/34 (a)  2,475  1,163,027 
Los Altos School District, California, GO, CAB, Election     
 of 1998, Series B (MBIA), 5.93%, 8/01/13 (a)(c)  10,945  5,492,310 
Norwalk-La Mirada Unified School District     
 California, GO, CAB, Election 2002, Series E (AGC),     
 6.47%, 8/01/38 (a)  12,000  2,022,240 
San Diego Community College District, California, GO,     
 CAB, Election of 2002, 6.14%, 8/01/19 (b)  4,200  2,505,426 
State of California, GO:     
     5.00%, 2/01/32  5,340  5,031,882 
     Refunding (CIFG), 4.50%, 8/01/28  3,000  2,670,840 
     Various Purpose, 5.75%, 4/01/31  3,000  3,078,810 
     Various Purpose, 5.00%, 6/01/32  4,545  4,280,936 
     Various Purpose, 6.50%, 4/01/33  2,900  3,205,109 
     Various Purpose (CIFG), 5.00%, 3/01/33  5,000  4,691,950 
University of California, RB, Limited Project, Series B,     
 4.75%, 5/15/38  4,185  3,984,036 
    57,730,967 
Colorado — 2.5%     
City of Colorado Springs Colorado, RB, Subordinate Lien,     
 Improvement, Series C (FSA), 5.00%, 11/15/45  1,030  1,041,742 
Colorado Health Facilities Authority, RB, Series B (FSA),     
 5.25%, 3/01/36  1,750  1,752,730 
Colorado Health Facilities Authority, Refunding RB,     
 Catholic Healthcare, Series A, 5.00%, 7/01/39 (d)  3,000  2,823,270 
    5,617,742 
Connecticut — 0.7%     
Mashantucket Western Pequot Tribe, RB, Sub-Series A,     
 5.50%, 9/01/28  3,000  1,571,910 
District of Columbia — 2.1%     
District of Columbia Tobacco Settlement Financing Corp.,     
 RB, Asset-Backed Bonds, 6.50%, 5/15/33  4,960  4,675,643 
Florida — 12.1%     
County of Miami-Dade Florida, RB, CAB, Sub-Series A     
 (MBIA) (a):     
     5.20%, 10/01/32  4,225  899,629 
     5.21%, 10/01/33  4,000  792,640 
     5.21%, 10/01/34  4,580  846,155 
     5.22%, 10/01/35  5,000  863,850 
     5.23%, 10/01/36  10,000  1,578,800 
     5.24%, 10/01/37  10,000  1,467,500 

     Portfolio Abbreviations           
To simplify the listings of portfolio holdings in each  ACA  American Capital Access Corp.  HDA  Housing Development Authority   
Trust’s Schedule of Investments, the names and  AGC  Assured Guaranty Corp.  HFA  Housing Finance Agency   
descriptions of many of the securities have been  AMBAC  American Municipal Bond Assurance Corp.  IDA  Industrial Development Authority   
abbreviated according to the following list:  AMT  Alternative Minimum Tax (subject to)  IDB  Industrial Development Board   
  ARB  Airport Revenue Bonds  ISD  Independent School District   
  CAB  Capital Appreciation Bonds  MBIA  Municipal Bond Investors Assurance   
  CIFG  CDC IXIS Financial Guaranty    (National Public Finance Guaranty Corp.)   
  COP  Certificates of Participation  PILOT  Payment in Lieu of Taxes   
  EDA  Economic Development Authority  RB  Revenue Bonds   
  FGIC  Financial Guaranty Insurance Co.  S/F  Single-Family   
  FNMA  Federal National Mortgage Association  SO  Special Obligation   
  FSA  Financial Security Assurance Inc.  TAN  Tax Anticipation Notes   
  GNMA  Government National Mortgage Association  VRDN  Variable Rate Demand Notes   
  GO  General Obligation Bonds       
See Notes to Financial Statements.           
                                                         SEMI-ANNUAL REPORT       OCTOBER 31, 2009  11 


Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
County of Orange Florida, Refunding RB (Syncora),     
 4.75%, 10/01/32  $ 5,000  $ 4,790,950 
Fishhawk Community Development District II, TAN,     
 Series A, 6.13%, 5/01/34  1,990  1,696,992 
Hillsborough County IDA, RB, National Gypsum, Series A,     
 AMT, 7.13%, 4/01/30  3,700  2,551,409 
Miami Beach Health Facilities Authority, Refunding RB,     
 Mount Sinai Medical Center Florida, 6.75%, 11/15/21  1,960  1,972,270 
Sumter Landing Community Development District, Florida,     
 RB, Sub-Series B, 5.70%, 10/01/38  3,635  2,619,635 
Village Community Development District No. 6, Special     
 Assessment, 5.63%, 5/01/22  7,205  6,659,365 
    26,739,195 
Georgia — 1.5%     
City of Atlanta Georgia, RB (FSA), 5.00%, 11/01/34  1,500  1,466,505 
Milledgeville & Baldwin County Development Authority,     
 RB, Georgia College & State University Foundation,     
 6.00%, 9/01/14 (c)  1,500  1,799,850 
    3,266,355 
Hawaii — 1.1%     
Hawaii State Department of Budget & Finance,     
 Refunding RB, Hawaiian Electric Co. Inc., Series D, AMT     
 (AMBAC), 6.15%, 1/01/20  2,500  2,506,150 
Idaho — 1.7%     
Idaho Health Facilities Authority, RB, Trinity Health Group,     
 Series B, 6.25%, 12/01/33  2,500  2,704,975 
Idaho Housing & Finance Association, RB, Grant &     
 Anticipation, Federal Highway Trust, Series A,     
 5.00%, 7/15/27  900  956,124 
    3,661,099 
Illinois — 7.4%     
CenterPoint Intermodal Center Program Trust, Tax     
 Allocation Bonds, Class A, 10.00%, 6/15/23 (e)  1,920  1,010,035 
Chicago Public Building Commission Building, Illinois, RB,     
 Series A (MBIA), 7.00%, 1/01/20 (f)  5,000  6,435,850 
Illinois Finance Authority, RB:     
     Friendship Village Schaumburg, Series A,     
     5.63%, 2/15/37  345  272,923 
     Illinois Rush University Medical Center, Series C,     
     6.63%, 11/01/39  1,200  1,294,272 
     MJH Education Assistance IV, Sub-Series B,     
     5.38%, 6/01/35 (g)(h)  700  49,700 
     Monarch Landing Inc. Facilities, Series A,     
     7.00%, 12/01/37  1,155  577,500 
     Northwestern Memorial Hospital, Series A,     
     5.50%, 8/15/14 (c)  5,800  6,710,890 
    16,351,170 
Iowa — 1.7%     
Iowa Finance Authority, RB, Series A (AGC),     
 5.63%, 8/15/37  3,600  3,704,796 
Kentucky — 4.0%     
Kentucky Economic Development Finance Authority,     
 Kentucky, RB:     
     Louisville Arena, Sub-Series A-1 (AGC),     
     6.00%, 12/01/38  700  741,832 
     Norton Healthcare Inc., Series B (MBIA),     
     6.19%, 10/01/23 (a)  13,500  5,623,020 
Louisville, Jefferson County Metropolitan Government,     
 RB, Jewish Hospital Saint Mary’s Healthcare,     
 6.13%, 2/01/37  2,250  2,351,160 
    8,716,012 

    Par   
Municipal Bonds    (000)  Value 
Maryland — 1.0%       
Maryland Community Development Administration, RB,       
 Residential, Series A, AMT, 4.80%, 9/01/42  $ 2,500  $ 2,280,325 
Michigan — 4.8%       
Michigan State Building Authority, Refunding RB, Facilities     
 Program, Series I, 6.25%, 10/15/38    1,875  2,021,475 
Michigan State Hospital Finance Authority, Michigan,       
 Refunding RB, Henry Ford Health System, Series A,       
 5.25%, 11/15/46    1,670  1,448,458 
Michigan State Hospital Finance Authority, Refunding RB,     
 Hospital, Henry Ford Health, 5.75%, 11/15/39 (d)    4,110  3,940,051 
Royal Oak Hospital Finance Authority, Michigan, RB,       
 William Beaumont Hospital, 8.25%, 9/01/39    2,750  3,193,823 
      10,603,807 
Minnesota — 1.8%       
City of Minneapolis Minnesota, RB, Fairview Health       
 Services, Series B (AGC), 6.50%, 11/15/38    3,500  3,940,405 
Mississippi — 3.7%       
Mississippi Development Bank SO, RB (AGC):       
Jackson County Limited Tax Note, 5.50%, 7/01/32  2,655  2,761,811 
     Jones Co. Junior College, 5.13%, 3/01/39    1,500  1,498,755 
University of Southern Mississippi, RB, Campus Facilities     
 Improvement Project, 5.38%, 9/01/36    3,750  3,956,363 
      8,216,929 
Missouri — 1.1%       
Missouri Joint Municipal Electric Utility Commission, RB,     
 Plum Point Project (MBIA), 4.60%, 1/01/36    2,820  2,320,465 
Multi-State — 4.6%       
Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (e)(i)  7,000  7,274,050 
MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (e)(i)  4,000  2,799,920 
      10,073,970 
Nebraska — 1.0%       
Omaha Public Power District, RB, System, Series A,       
 4.75%, 2/01/44    2,265  2,234,649 
Nevada — 0.5%       
County of Clark Nevada, Refunding RB, Alexander Dawson     
 School, Nevada Project, 5.00%, 5/15/29    1,065  1,039,035 
New Jersey — 6.9%       
Middlesex County Improvement Authority, RB, Heldrich       
 Center Hotel, Sub-Series B, 6.25%, 1/01/37    1,510  277,780 
New Jersey EDA, RB:       
     Cigarette Tax, 5.75%, 6/15/29    7,000  6,736,800 
     Motor Vehicle Surcharge, Series A (MBIA),       
     5.00%, 7/01/27    1,150  1,164,720 
New Jersey Educational Facilities Authority, Refunding RB,     
 University Medical & Dentistry, Series B:       
     7.13%, 12/01/23    950  1,069,805 
     7.50%, 12/01/32    1,225  1,379,289 
New Jersey Health Care Facilities Financing Authority, RB,     
 Virtual Health (AGC), 5.50%, 7/01/38    2,250  2,323,057 
New Jersey State Housing & Mortgage Finance Agency,       
 RB, Series AA, 6.50%, 10/01/38    1,165  1,265,004 
University of Medicine & Dentistry of New Jersey,       
 New Jersey, RB, Series A (AMBAC), 5.50%, 12/01/27  1,000  1,003,600 
      15,220,055 
New York — 8.7%       
Albany Industrial Development Agency, RB, New Covenant     
 Charter School Project, Series A, 7.00%, 5/01/35    725  459,374 
Hudson Yards Infrastructure Corp., RB, Series A (FGIC),       
 5.00%, 2/15/47    1,400  1,272,642 

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
Long Island Power Authority, RB:       
     General, Series C (CIFG), 5.25%, 9/01/29  $ 2,000  $ 2,162,380 
     Series A, 6.25%, 4/01/33    480  548,650 
     Series A, 5.75%, 4/01/39    2,475  2,652,928 
New York City Industrial Development Agency, RB:       
     American Airlines, JFK International Airport, AMT,       
     7.63%, 8/01/25    2,600  2,499,614 
     Queens Baseball Stadium, PILOT (AGC),       
     6.50%, 1/01/46    1,100  1,256,607 
New York Liberty Development Corp., RB, Goldman Sachs     
 Headquarters, 5.25%, 10/01/35    2,000  1,956,680 
New York State Dormitory Authority, RB:       
     5.83%, 7/01/39 (b)    1,825  1,448,429 
     Rochester Institute Technology, Series A,       
     6.00%, 7/01/33    1,625  1,775,085 
     University Rochester, Series A, 5.13%, 7/01/39    550  564,091 
     Yeshiva University, 5.00%, 9/01/38    500  506,950 
Port Authority of New York & New Jersey, RB,       
 Consolidated, 152nd, AMT, 5.75%, 11/01/30    1,000  1,062,820 
State of New York, GO, Series A, 5.00%, 2/15/39    950  986,414 
      19,152,664 
North Carolina — 2.0%       
Gaston County Industrial Facilities & Pollution Control       
 Financing Authority, North Carolina, RB, Exempt       
 Facilities, National Gypsum Co. Project, AMT,       
 5.75%, 8/01/35    2,425  1,432,981 
North Carolina Medical Care Commission, North       
 Carolina, RB:       
     University Health System, Series D, 6.25%, 12/01/33  1,750  1,908,077 
     WakeMed, Series A (AGC), 5.88%, 10/01/38    1,000  1,042,120 
      4,383,178 
Ohio — 6.8%       
County of Cuyahoga Ohio, Refunding RB, Series A:       
     6.00%, 1/01/20    3,485  3,766,170 
     6.00%, 1/01/21    5,000  5,382,000 
County of Montgomery Ohio, Refunding RB, Catholic       
 Healthcare, Series A, 5.00%, 5/01/39 (d)    3,000  2,836,590 
Kent State University, RB, Series B (AGC), 4.25%, 5/01/31  2,750  2,486,852 
Ohio Air Quality Development Authority, Refunding RB,       
 Pollution, Dayton, Series B (FGIC), 4.80%, 1/01/34    400  407,688 
      14,879,300 
Oklahoma — 1.3%       
Tulsa Municipal Airport Trust Trustees, Oklahoma,       
 Refunding RB, Series A, AMT, 7.75%, 6/01/35    2,900  2,763,642 
Oregon — 1.1%       
Oregon Health & Science University, RB, Series A,       
 5.75%, 7/01/39    2,250  2,349,877 
Pennsylvania — 5.8%       
Delaware River Port Authority, RB, Port District Project,       
 Series B (FSA), 5.70%, 1/01/22    2,000  2,004,580 
McKeesport Area School District, GO, CAB (FGIC) (a):       
     5.53%, 10/01/31    2,435  662,149 
     5.53%, 10/01/31 (f)    870  319,681 
Pennsylvania Economic Development Financing Authority,     
 RB, AMT:       
     Amtrak Project, Series A, 6.25%, 11/01/31    2,000  2,017,440 
     Amtrak Project, Series A, 6.38%, 11/01/41    3,100  3,132,364 
     Reliant Energy, Series A-12-22-04, 6.75%, 12/01/36  4,645  4,741,941 
      12,878,155 

    Par   
Municipal Bonds    (000)  Value 
Puerto Rico — 4.4%       
Puerto Rico Electric Power Authority, Refunding RB,       
 Series UU (FSA), 5.00%, 7/01/23  $ 2,900  $ 2,989,204 
Puerto Rico HFA, RB, Subordinate, Capital Fund       
 Modernization, 5.13%, 12/01/27    2,500  2,495,500 
Puerto Rico Sales Tax Financing Corp., RB:       
     CAB, Series A (MBIA), 5.78%, 8/01/41 (a)    7,500  1,149,075 
     First Sub-Series A, 5.75%, 8/01/37    3,000  3,103,800 
      9,737,579 
Rhode Island — 3.2%       
Rhode Island Health & Educational Building Corp., RB,       
 Hospital, Lifespan:       
     Financing, Obligation, Series A (AGC),       
     7.00%, 5/15/39    3,000  3,488,940 
     (MBIA), 5.50%, 5/15/16    200  200,188 
Rhode Island Housing & Mortgage Finance Corp.,       
 Rhode Island, RB, Homeownership Opportunity,       
 Series 54, AMT, 4.85%, 10/01/41    2,165  1,957,311 
Rhode Island State & Providence Plantations, COP,       
 Series C, School For the Deaf (AGC), 5.38%, 4/01/28  1,330  1,393,507 
      7,039,946 
South Carolina — 5.3%       
South Carolina Jobs-EDA, RB, Palmetto Health, Series C,     
 6.88%, 8/01/13 (c)    4,000  4,709,231 
South Carolina Jobs-EDA, Refunding RB, Palmetto Health     
 Alliance, Series A, 6.25%, 8/01/31    2,185  2,216,748 
South Carolina State Housing Finance & Development       
 Authority, South Carolina, RB, Series A-2, AMT (AMBAC),     
 5.15%, 7/01/37    4,975  4,824,805 
      11,750,784 
Tennessee — 3.2%       
Memphis-Shelby County Airport Authority, RB, Series D,       
 AMT (AMBAC), 6.00%, 3/01/24    4,865  4,905,477 
Memphis-Shelby County Sports Authority Inc.,       
 Refunding RB, Memphis Arena Project, Series A:       
     5.25%, 11/01/27    1,135  1,131,073 
     5.38%, 11/01/28    1,000  1,004,990 
      7,041,540 
Texas — 9.0%       
Harris County Health Facilities Development Corp.,       
 Refunding RB, Memorial Hermann Healthcare System,     
 Series B:       
     7.13%, 12/01/31    1,000  1,118,720 
     7.25%, 12/01/35    2,650  2,961,905 
Harris County-Houston Sports Authority, Refunding RB,       
 CAB, Senior Lien, Series A (MBIA), 6.17%, 11/15/38 (a)  5,000  607,550 
Lower Colorado River Authority, Refunding RB &       
 Improvement (MBIA), 5.00%, 5/15/13 (c)    20  22,392 
Lower Colorado River Authority, Refunding RB:       
     (AMBAC), 4.75%, 5/15/36    3,595  3,408,024 
     Series A (MBIA), 5.00%, 5/15/13 (c)    5  5,598 
Matagorda County Navigation District No. 1, Texas,       
 Refunding RB, Central Power & Light Co. Project,       
 Series A, 6.30%, 11/01/29    2,200  2,355,188 
San Antonio Energy Acquisition Public Facility Corp., RB,     
 Gas Supply, 5.50%, 8/01/24    2,550  2,575,475 
Texas State Turnpike Authority, RB (AMBAC):       
     CAB, 6.05%, 8/15/31 (a)    15,000  3,745,050 
     First Tier, Series A, 5.00%, 8/15/42    3,325  3,012,882 
      19,812,784 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 13


Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Virginia — 0.9%     
Tobacco Settlement Financing Corp., Virginia, RB, Senior,     
 Series B-1, 5.00%, 6/01/47  $ 2,900  $ 1,975,567 
Washington — 1.1%     
County of King Washington, Refunding RB (FSA),     
 5.00%, 1/01/36  200  203,920 
Washington Health Care Facilities Authority, Washington,     
 RB, MultiCare Health System, Series B (AGC),     
 6.00%, 8/15/39  2,100  2,214,912 
    2,418,832 
West Virginia — 0.7%     
West Virginia Hospital Finance Authority, West Virginia,     
 Refunding RB, Series A, 5.63%, 9/01/32  1,500  1,470,585 
Wisconsin — 2.0%     
Wisconsin Health & Educational Facilities Authority, RB,     
 Aurora Health Care, 6.40%, 4/15/33  3,220  3,279,634 
Wisconsin Housing EDA, Wisconsin, RB, Series A, AMT,     
 4.75%, 9/01/33  1,250  1,160,675 
    4,440,309 
Wyoming — 1.7%     
County of Sweetwater, Wyoming, Refunding RB, Idaho     
 Power Co. Project, 5.25%, 7/15/26  1,800  1,862,820 
Wyoming Community Development Authority, Wyoming,     
 RB, Series 3, AMT, 4.75%, 12/01/37  2,145  1,953,151 
    3,815,971 
Total Municipal Bonds — 151.9%    334,712,349 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (j)     
Colorado — 2.4%     
Colorado Health Facilities Authority, RB, Catholic Health,     
 Series C7 (FSA), 5.00%, 9/01/36  5,250  5,293,418 
Illinois — 1.5%     
Chicago New Public Housing Authority, Illinois,     
 Refunding RB (FSA), 5.00%, 7/01/24  3,194  3,275,453 
Massachusetts — 1.4%     
Massachusetts Water Resources Authority, Refunding RB,     
 Generation, Series A, 5.00%, 8/01/41  3,070  3,111,906 
New York — 2.3%     
New York City Municipal Water Finance Authority, RB:     
Fiscal 2009, Series A, 5.75%, 6/15/40  810  877,775 
Series FF-2, 5.50%, 6/15/40  690  760,787 
New York State Dormitory Authority, RB, New York     
 University, Series A, 5.00%, 7/01/38  3,359  3,439,548 
    5,078,110 
Ohio — 2.0%     
County of Montgomery, Ohio, RB, Catholic Health,     
 Series C-1 (FSA), 5.00%, 10/01/41  1,740  1,728,934 
Ohio State Higher Educational Facility Commission,     
 Refunding RB, Hospital Cleveland Clinic Health,     
 Series A, 5.25%, 1/01/33  2,600  2,674,594 
    4,403,528 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 9.6%    21,162,415 
Total Long-Term Investments     
(Cost — $364,664,985) — 161.5%    355,874,764 

Short-Term Securities  Shares      Value 
FFI Institutional Tax-Exempt Fund, 0.23% (k)(l)  6,700,551  $ 6,700,551 
Total Short-Term Securities         
(Cost — $6,700,551) — 3.1%      6,700,551 
Total Investments (Cost — $371,365,536*) — 164.6%  362,575,315 
Liabilities in Excess of Other Assets — (2.3)%      (5,116,260) 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (5.1)%      (11,148,737) 
Preferred Shares, at Redemption Value — (57.2)%    (125,957,367) 
Net Assets Applicable to Common Shares — 100.0%    $220,352,951 
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 
       2009, as computed for federal income tax purposes, were as follows:     
       Aggregate cost    $ 359,617,413 
       Gross unrealized appreciation    $ 13,767,103 
       Gross unrealized depreciation      (21,946,602) 
       Net unrealized depreciation    $ (8,179,499) 
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.         
(b) Represents a step-up bond that pays an initial coupon rate for the first period and 
       then a higher coupon rate for the following periods. Rate shown reflects the current 
       yield as of report date.         
(c) US government securities, held in escrow, are used to pay interest on this security as 
well as to retire the bond in full at the date indicated, typically at a premium to par. 
(d) When-issued security.         
      Unrealized 
       Counterparty  Value    Depreciation 
       Citibank NA  $3,940,051    $ (27,578) 
       Morgan Stanley Capital Services Inc.  $5,659,860    $ (115,920) 
 (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
       These securities may be resold in transactions exempt from registration to qualified 
       institutional investors.         
 (f) Security is collateralized by Municipal or US Treasury Obligations.       
 (g) Issuer filed for bankruptcy and/or is in default of interest payments.       
(h) Non-income producing security.         
(i) Security represents a beneficial interest in a trust. The collateral deposited into the 
       trust is federally tax-exempt revenue bonds issued by various state or local govern- 
       ments, or their respective agencies or authorities. The security is subject to remarket- 
       ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
(j) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Trust acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts.   
(k) Investments in companies considered to be an affiliate of the Trust, for purposes of 
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows:   
  Net       
       Affiliate  Activity      Income 
       FFI Institutional Tax-Exempt Fund  $(4,699,449)    $ 16,128 
 (l) Represents the current yield as of report date.         

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments (concluded) BlackRock Investment Quality Municipal Trust Inc. (BKN)

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets and
liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in deter-
mining the fair valuation of the Trust’s investments:

  Investments in 
Valuation Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 6,700,551 
Level 2 — Long-Term Investments1  355,874,764 
Level 3   
Total  $362,575,315 
 1 See above Schedule of Investments for values in each state or   
political subdivision.   

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 15


Schedule of Investments October 31, 2009 (Unaudited) BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Arizona — 5.2%       
Phoenix & Pima County IDA, RB, Series 2007-1, AMT       
 (GNMA), 5.25%, 8/01/38  $ 1,456  $ 1,473,244 
Pima County IDA, RB, American Charter Schools       
 Foundation, Series A, 5.63%, 7/01/38    1,700  1,337,815 
Pima County IDA, RB, Arizona Charter Schools Project,       
 Series O, 5.25%, 7/01/31    1,000  722,970 
Salt Verde Financial Corp., RB, Senior:       
     5.00%, 12/01/32    1,850  1,654,270 
     5.00%, 12/01/37    2,590  2,203,054 
      7,391,353 
California — 10.0%       
California HFA, RB, Home Mortgage, AMT:       
     Series G, 5.50%, 8/01/42    2,825  2,765,590 
     Series K, 5.50%, 2/01/42    1,040  1,025,752 
California Health Facilities Financing Authority, RB, Series A:     
     California, Catholic Healthcare West, 6.00%, 7/01/39  680  710,878 
     Cedars-Sinai Medical Center, 5.00%, 8/15/39    645  599,733 
     Saint Joseph Health System, 5.75%, 7/01/39    385  399,125 
California State, GO, Refunding, 4.50%, 10/01/36    2,000  1,681,260 
California Statewide Communities Development       
 Authority, RB, Senior Living Southern California       
 Presbyterian Homes:       
     6.25%, 11/15/19    1,000  1,060,420 
     6.63%, 11/15/24    540  571,007 
San Francisco City & County Public Utilities Commission,     
 RB, Series B, 5.00%, 11/01/39    3,225  3,273,214 
State of California, GO, Various Purpose, 6.50%, 4/01/33  2,000  2,210,420 
      14,297,399 
Colorado — 1.1%       
Colorado Health Facilities Authority, Refunding RB,       
 Catholic Healthcare, Series A, 5.50%, 7/01/34 (a)    865  814,043 
North Range Metropolitan District No. 2, GO, Limited Tax,     
 5.50%, 12/15/37    1,200  818,964 
      1,633,007 
District of Columbia — 7.8%       
District of Columbia Tobacco Settlement Financing Corp.,     
 RB, Asset Backed Bonds:       
     6.25%, 5/15/24    5,395  5,403,578 
     6.50%, 5/15/33    5,700  5,373,219 
Metroplitan Washington DC Airports Authority Dulles       
 Toll Road RB, First Senior Lien, Series A:       
     5.00%, 10/01/39    170  169,810 
     5.25%, 10/01/44    270  276,809 
      11,223,416 
Florida — 3.2%       
Orange County Health Facilities Authority, RB,       
 1st Mortgage, Orlando Lutheran Tower, 5.50%, 7/01/38  1,150  862,109 
Sarasota County Health Facilities Authority, Refunding RB,     
 Village On The Isle Project, 5.50%, 1/01/32    520  383,848 
Sumter Landing Community Development District, Florida,     
 RB, Sub-Series B, 5.70%, 10/01/38    1,415  1,019,748 
Tolomato Community Development District, Special       
 Assessment, 6.65%, 5/01/40    1,750  1,332,835 
Watergrass Community Development District, Special       
 Assessment, Series A, 5.38%, 5/01/39    1,850  928,201 
      4,526,741 
Georgia — 0.9%       
Rockdale County Development Authority, RB, Visy Paper     
 Project, Series A, AMT, 6.13%, 1/01/34    1,600  1,283,968 

  Par   
Municipal Bonds  (000)           Value 
Guam — 0.7%     
Territory of Guam, GO, Series A:     
     6.00%, 11/15/19  $ 200  $ 208,258 
     6.75%, 11/15/29  365  390,528 
     7.00%, 11/15/39  375  405,315 
    1,004,101 
Illinois — 0.2%     
Illinois Finance Authority, RB, Monarch Landing Inc.,     
 Facilities, Series A, 7.00%, 12/01/37 (b)(c)  580  290,000 
Indiana — 3.1%     
Delaware County Hospital Authority, Indiana, RB, Cardinal     
 Health System Obligation Group, 5.25%, 8/01/36  2,000  1,597,360 
Indiana Finance Authority Hospital, RB, Parkview Health     
 Systems, Refunding, Series A, 5.75%, 5/01/31  1,100  1,120,141 
Indiana Finance Authority, RB, Sisters of St. Francis     
 Health, 5.25%, 11/01/39 (a)  290  281,062 
Indiana Finance Authority Refunding RB, Duke Energy,     
 Series C, 4.95%, 10/01/40  1,165  1,110,758 
Indiana Municipal Power Agency, Indiana, RB, Indiana     
 Muni Power Agency Series B, 6.00%, 1/01/39  350  375,463 
    4,484,784 
Kansas — 0.3%     
City of Lenexa Kansas, Refunding RB & Improvement,     
 5.50%, 5/15/39  650  465,186 
Louisiana — 1.3%     
Louisiana Local Government Environmental Facilities &     
 Community Development Authority, RB, Westlake     
 Chemical Corp. Projects, 6.75%, 11/01/32  2,000  1,916,840 
Maryland — 0.5%     
Maryland Health & Higher Educational Facilities Authority,     
 RB, King Farm Presbyterian Community, Series B,     
 5.00%, 1/01/17  875  790,396 
Michigan — 2.2%     
City of Detroit Michigan, RB, Senior Lien, Series B (FSA),     
 7.50%, 7/01/33  560  691,488 
Garden City Hospital Finance Authority, Michigan,     
 Refunding RB, Garden City Hospital Obligation,     
 Series A, 5.00%, 8/15/38  1,540  889,504 
Royal Oak Hospital Finance Authority, Michigan, RB,     
 William Beaumont Hospital, 8.25%, 9/01/39  1,400  1,625,946 
    3,206,938 
Montana — 0.4%     
Two Rivers Authority, RB, Senior Lien (b)(c):     
     7.25%, 11/01/21  1,500  232,395 
     7.38%, 11/01/27  2,600  402,844 
    635,239 
New Jersey — 1.8%     
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24  2,670  2,548,515 
New York — 8.0%     
Nassau County Tobacco Settlement Corp., RB,     
 Asset Backed, Senior Convertible, Series A-2,     
 5.25%, 6/01/26 (d)  1,500  1,391,670 
New York City Industrial Development Agency, RB,     
 American Airlines, JFK International Airport, AMT,     
 7.63%, 8/01/25  7,600  7,306,564 
New York Liberty Development Corp., RB, Goldman Sachs     
 Headquarters, 5.25%, 10/01/35  740  723,972 
New York State Dormitory Authority, RB, New York     
 University, Series A, 5.25%, 7/01/48  2,000  2,050,520 
    11,472,726 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments (continued) BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)           Value 
North Carolina — 1.3%       
North Carolina Eastern Municipal Power Agency,       
 North Carolina, RB, Series B, 5.00%, 1/01/26  $ 765  $ 779,031 
North Carolina Medical Care Commission, RB,       
 Duke University Health System, Series A (a):       
     5.00%, 6/01/39    220  217,644 
     5.00%, 6/01/42    480  470,894 
North Carolina Municipal Power Agency, RB, Number 1       
 Catawba, North Carolina, Series A, 5.00%, 1/01/30    365  368,183 
      1,835,752 
Ohio — 0.6%       
County of Montgomery Ohio, Refunding RB, Catholic       
 Healthcare, Series A, 5.00%, 5/01/39 (a)    865  817,883 
Pennsylvania — 3.7%       
Allegheny County Hospital Development Authority, RB,       
 Health System, West Pennsylvania, Series A,       
 5.38%, 11/15/40    2,080  1,598,896 
Pennsylvania Economic Development Financing       
 Authority, RB, Aqua Pennsylvania Inc. Project,       
 5.00%, 11/15/40 (a)    650  645,522 
Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27  450  422,046 
Pennsylvania Higher Educational Facilities Authority, RB,     
 Allegheny Delaware Valley Obligation, Series A (MBIA):     
     5.88%, 11/15/16    1,345  1,190,527 
     5.88%, 11/15/21    1,810  1,449,104 
      5,306,095 
Puerto Rico — 1.3%       
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 6.50%, 8/01/44    1,705  1,843,958 
South Carolina — 2.8%       
South Carolina Jobs-EDA, RB, Senior Lien, Burroughs &     
 Chapin, Series A (Radian), 4.70%, 4/01/35    2,500  1,890,875 
South Carolina Jobs-EDA, Refunding RB, First Mortgage,     
 Lutheran Homes:       
     5.50%, 5/01/28    600  500,892 
     5.63%, 5/01/42    1,000  785,250 
South Carolina Jobs-EDA, Refunding RB, Palmetto Health:     
     5.50%, 8/01/26    565  558,254 
     5.75%, 8/01/39    225  219,040 
      3,954,311 
South Dakota — 0.5%       
South Dakota Health & Educational Facilities Authority,       
 South Dakota, RB, Sanford Health, 5.50%, 11/01/40  680  690,982 
Texas — 4.0%       
Brazos River Authority, Refunding RB, TXU Electric Co.       
 Project, AMT:       
     Series A, 8.25%, 10/01/30    1,500  894,345 
     Series C, 5.75%, 5/01/36    225  202,646 
HFDC of Central Texas Inc., RB, Village at Gleannloch       
 Farms, Series A, 5.50%, 2/15/27    1,150  929,994 
Houston Texas Airport Systems, Refunding ARB,       
 Senior Lien, Series A, 5.50%, 7/01/39    510  528,992 
Matagorda County Navigation District No. 1, Texas,       
 Refunding RB, Central Power & Light Co. Project,       
 Series A, 6.30%, 11/01/29    700  749,378 
North Texas Tollway Authority, Refunding RB, Second Tier,     
 Series F, 6.13%, 1/01/31    2,290  2,378,348 
      5,683,703 
Utah — 0.6%       
City of Riverton Utah, RB, IHC Health Services Inc.,       
 5.00%, 8/15/41 (a)    955  925,376 

  Par   
Municipal Bonds  (000)  Value 
Vermont — 2.0%     
Vermont HFA, Vermont, RB, Series 27, AMT (FSA),     
 4.90%, 5/01/38  $ 3,020  $ 2,818,204 
Virginia — 2.3%     
Fairfax County EDA, RB, Goodwin House Inc.,     
 5.13%, 10/01/42  850  718,165 
Peninsula Ports Authority, Refunding RB, Virginia Baptist     
 Homes, Series C, 5.38%, 12/01/26  2,600  1,620,034 
Reynolds Crossing Community Development Authority,     
 Special Assessment, Reynolds Crossing Project,     
 5.10%, 3/01/21  1,000  923,870 
    3,262,069 
Wisconsin — 3.8%     
Wisconsin Health & Educational Facilities Authority,     
 RB, Ascension Health Senior Credit, Series A,     
 5.00%, 11/15/31  5,335  5,401,154 
Wyoming — 0.8%     
County of Sweetwater, Wyoming, Refunding RB, Idaho     
 Power Co. Project, 5.25%, 7/15/26  1,030  1,065,947 
Wyoming Municipal Power Agency, Wyoming, RB, Series A,     
 5.00%, 1/01/42  100  95,980 
    1,161,927 
Total Municipal Bonds — 70.4%    100,872,023 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (e)     
California — 14.7%     
Bay Area Toll Authority, RB, San Francisco Bay Area,     
 Series F-1, 5.63%, 4/01/44  1,085  1,168,501 
California Educational Facilities Authority, RB, University of     
 Southern California, Series A, 5.25%, 10/01/18  835  879,931 
Golden State Tobacco Securitization Corp., California     
 Custodial Receipts, Series 1271, 5.00%, 6/01/45  5,000  4,281,000 
San Diego Community College District, California, GO,     
 Election of 2002, 5.25%, 8/01/33  545  572,108 
University of California, RB, Series B (MBIA),     
 4.75%, 5/15/38  15,000  14,171,700 
    21,073,240 
Colorado — 0.5%     
Colorado Health Facilities Authority, Refunding RB,     
 Catholic Healthcare, Series A, 5.00%, 7/01/39 (a)  735  748,737 
Georgia — 0.8%     
Metropolitan Atlanta Rapid Transit Authority, RB,     
 3rd Series, 5.00%, 7/01/39  1,190  1,215,549 
Illinois — 10.5%     
City of Chicago Illinois Custodial Receipts, Series 1284,     
 5.00%, 1/01/33  15,000  14,998,950 
Indiana — 9.6%     
Carmel Redevelopment Authority, RB, Performing     
 Arts Center:     
4.75%, 2/01/33  7,230  7,109,548 
5.00%, 2/01/33  6,580  6,674,752 
    13,784,300 
Massachusetts — 8.3%     
Massachusetts HFA, Massachusetts, RB, Housing,     
 Series D, AMT, 5.45%, 6/01/37  11,855  11,906,806 
Nebraska — 3.5%     
Omaha Public Power District, RB, System, Sub-Series B     
 (MBIA), 4.75%, 2/01/36  5,000  4,955,200 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 17


Schedule of Investments (concluded) BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to    Par   
Tender Option Bond Trusts (e)    (000)  Value 
New Hampshire — 0.5%       
New Hampshire Health & Education Facilities Authority,       
 RB, Dartmouth College, 5.25%, 6/01/39    $ 660 $  706,134 
New York — 14.4%       
New York City Municipal Water Finance Authority, RB:       
     Series D, 5.00%, 6/15/39    7,500  7,628,250 
     Series FF-2, 5.50%, 6/15/40    500  541,975 
New York State Dormitory Authority, RB, Education,       
 Series B, 5.75%, 3/15/36    11,250  12,424,050 
      20,594,275 
North Carolina — 10.8%       
University of North Carolina at Chapel Hill, Refunding RB,     
 General, Series A, 4.75%, 12/01/34    15,170  15,377,374 
Ohio — 3.3%       
State of Ohio, Refunding RB, Cleveland Clinic Health,       
 Series A, 5.50%, 1/01/39    4,630  4,777,651 
South Carolina — 2.1%       
South Carolina State Housing Finance & Development       
 Authority South Carolina, RB, Series B-1,       
 5.55%, 7/01/39    3,000  3,062,910 
Texas — 8.1%       
County of Harris Texas, RB, Senior Lien, Toll Road,       
 Series A, 5.00%, 8/15/38    2,130  2,191,344 
New Caney ISD, Texas, GO, School Building,       
 5.00%, 2/15/35    9,150  9,417,912 
      11,609,256 
Wisconsin — 1.4%       
Wisconsin Health & Educational Facilities Authority,       
 Refunding RB, Froedtert & Community Health Inc.,       
 5.25%, 4/01/39    1,990  1,954,797 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 88.5%    126,765,179 
Total Long-Term Investments       
(Cost — $243,267,919) — 158.9%    227,637,202 
Short-Term Securities    Shares   
FFI Institutional Tax-Exempt Fund, 0.23% (f)(g)    2,200,175  2,200,175 
Total Short-Term Securities       
(Cost — $2,200,175) — 1.6%      2,200,175 
Total Investments (Cost — $245,468,094*) — 160.5%    229,837,377 
Liabilities in Excess of Other Assets — (1.3)%      (1,631,347) 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (59.2)%      (85,005,873) 
Net Assets — 100.0%    $143,200,157 
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $160,453,848 
       Gross unrealized appreciation    $ 2,670,216 
       Gross unrealized depreciation      (18,001,687) 
       Net unrealized depreciation    $ (15,331,471) 
(a) When-issued security.       
      Unrealized 
       Counterparty    Value  Depreciation 
       Citibank NA  $ 688,538  $ (4,343) 
       JPMorgan Securities, Inc.  $ 925,376  $ (14,602) 
       Jeffries & Co.  $ 645,522  $ (10,842) 
       Merrill Lynch & Co.  $ 281,062  $ (415) 
       Morgan Stanley Capital Services, Inc.  $2,380,663  $ (38,988) 

(b) Issuer filed for bankruptcy and/or is in default of interest payments.
(c) Non-income producing security.
(d) Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(e) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(f) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

  Net   
     Affiliate  Activity       Income 
     FFI Institutional Tax-Exempt Fund  $799,990  $ 4,862 
(g) Represents the current yield as of report date.     

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of October 31, 2009 in deter-
mining the fair valuation of the Trust’s investments:

  Investments in 
Valuation Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 2,200,175 
Level 2 — Long-Term Investments1  227,637,202 
Level 3   
Total  $ 229,837,377 
 1 See above Schedule of Investments for values in each state or   
political subdivision.   

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments October 31, 2009 (Unaudited) BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Alabama — 0.4%     
Courtland IDB, Alabama, Refunding RB, International     
 Paper Co. Projects, Series A, 4.75%, 5/01/17  $ 1,165  $ 1,137,005 
Arizona — 3.5%     
Phoenix Civic Improvement Corp., RB, Junior Lien,     
 Series A, 5.00%, 7/01/21  5,585  6,203,986 
Pima County IDA, Refunding RB, Tucson Electric     
 Power Co., San Juan, Series A, 4.95%, 10/01/20  1,015  1,017,172 
Salt Verde Financial Corp., RB, Senior:     
     5.00%, 12/01/18  1,500  1,458,015 
     5.25%, 12/01/20  1,000  973,500 
    9,652,673 
California — 19.4%     
California Statewide Communities Development Authority,     
 RB, John Muir Health, Series A, 5.00%, 8/15/22  7,050  7,193,326 
Foothill Eastern Transportation Corridor Agency, California,     
 Refunding RB, CAB (a):     
     5.95%, 1/15/21  12,500  5,774,625 
     5.86%, 1/15/22  10,000  4,312,200 
Golden State Tobacco Securitization Corp.,     
 California, RB (b):     
     Enhanced, Asset Backed, Series B, 5.38%, 6/01/28  4,000  4,115,000 
     Series 2003-A-1, 6.75%, 6/01/39  12,010  14,042,572 
     Series 2003-A-1, 6.63%, 6/01/40  3,000  3,494,760 
     Series A-3, 7.88%, 6/01/42  975  1,175,821 
     Series A-5, 7.88%, 6/01/42  1,470  1,772,776 
Los Angeles Unified School District, California, GO,     
 Series I, 5.00%, 7/01/20  3,750  4,090,500 
Riverside County Asset Leasing Corp., California,     
 RB, Riverside County Hospital Project (MBIA),     
 5.74%, 6/01/25 (a)  6,865  2,765,222 
State of California, GO, Various Purpose,     
 5.00%, 11/01/22  5,000  5,039,700 
    53,776,502 
Colorado — 1.8%     
E-470 Public Highway Authority, Colorado, RB, CAB,     
 Senior, Series B (MBIA), 5.50%, 9/01/22 (a)  4,500  1,997,865 
Park Creek Metropolitan District, Colorado, Refunding RB,     
 Senior, Limited Tax Property Tax, 5.25%, 12/01/25  3,000  2,855,880 
    4,853,745 
District of Columbia — 5.1%     
District of Columbia, RB, Friendship Public Charter     
 School Inc. (ACA):     
     5.75%, 6/01/18  2,680  2,533,994 
     5.00%, 6/01/23  3,320  2,738,635 
District of Columbia Tobacco Settlement Financing Corp.,     
 RB, Asset Backed Bonds, 6.50%, 5/15/33  4,215  3,973,354 
Metropolitan Washington Airports Authority, Refunding RB,     
 Series C-2, AMT (FSA), 5.00%, 10/01/24  5,000  5,019,250 
    14,265,233 
Florida — 11.6%     
Bellalago Educational Facilities Benefit District, Special     
 Assessment, Series A, 5.85%, 5/01/22  4,110  3,660,736 
Broward County School Board, Florida, COP, Series A     
 (FSA), 5.25%, 7/01/22  1,250  1,312,937 
City of Jacksonville Florida, RB, Better Jacksonville,     
 5.00%, 10/01/22  5,160  5,474,141 
Grand Hampton Community Development District,     
 Special Assessment, Capital Improvement,     
 6.10%, 5/01/24  3,860  3,310,992 

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
Habitat Community Development District, Special     
 Assessment, 5.80%, 5/01/25  $ 3,635  $ 3,007,454 
Miami Beach Health Facilities Authority, Refunding RB,     
 Mount Sinai Medical Center Florida, 6.75%, 11/15/21  2,470  2,485,462 
Middle Village Community Development District, Special     
 Assessment, Series A, 5.80%, 5/01/22  3,955  3,272,525 
Pine Island Community Development District, RB,     
 5.30%, 11/01/10  250  242,347 
Stevens Plantation Community Development District,     
 Special Assessment, Series B, 6.38%, 5/01/13  3,530  2,860,536 
Village Community Development District No. 5, Florida,     
 Special Assessment, Series A, 6.00%, 5/01/22  2,560  2,560,000 
Westchester Community Development District No. 1,     
 Special Assessment, Community Infrastructure,     
 6.00%, 5/01/23  5,140  3,975,276 
    32,162,406 
Georgia — 0.8%     
Richmond County Development Authority, RB, Series A,     
 Environmental, AMT, 5.75%, 11/01/27  2,350  2,216,826 
Illinois — 13.0%     
CenterPoint Intermodal Center Program Trust, Tax     
 Allocation Bonds, Class A, 10.00%, 6/15/23 (c)  2,155  1,133,659 
City of Chicago Illinois, RB, General Airport Third Lien,     
 Series A (AMBAC):     
     5.00%, 1/01/21  5,000  5,220,650 
     5.00%, 1/01/22  7,000  7,278,040 
Illinois Educational Facilities Authority, RB, Northwestern     
 University, 5.00%, 12/01/21  4,800  5,070,816 
Illinois Finance Authority, RB:     
     DePaul University, Series C, 5.25%, 10/01/24  5,000  5,084,200 
     MJH Education Assistance IV, Senior Series A,     
     5.50%, 6/01/19 (d)(e)  3,250  1,625,000 
     MJH Education Assistance IV, Sub-Series B,     
     5.00%, 6/01/24 (d)(e)  1,075  76,325 
Illinois State Toll Highway Authority, RB, Senior Priority,     
 Series A (FSA), 5.00%, 1/01/19 (e)  2,250  2,425,680 
Lake Cook-Dane & McHenry Counties Community Unit     
 School District 220, Illinois, GO, Refunding (FSA),     
 5.25%, 12/01/20  1,000  1,162,220 
Metropolitan Pier & Exposition Authority, Illinois,     
 Refunding RB, CAB, McCormick, Series A (MBIA),     
 5.40%, 6/15/22 (a)  13,455  7,135,052 
    36,211,642 
Indiana — 5.6%     
City of Lawrence Indiana, Refunding RB, Housing,     
 Pinnacle Apartments Project, AMT (FNMA),     
 5.15%, 6/01/24  2,000  2,001,380 
Indianapolis Airport Authority, Refunding RB, Special     
 Facilities, Federal Express Corp. Project, AMT,     
 5.10%, 1/15/17  10,000  9,898,300 
Vincennes Indiana, Refunding RB & Improvement,     
 Southwest Indiana Regional, 6.25%, 1/01/24  4,620  3,600,505 
    15,500,185 
Kansas — 2.2%     
Kansas Development Finance Authority, RB, Adventist     
 Health, 5.25%, 11/15/20  2,500  2,629,450 
Wyandotte County-Kansas City Unified Government,     
 RB, Kansas International Speedway (MBIA),     
 5.20%, 12/01/20 (a)  6,440  3,457,443 
    6,086,893 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 19


Schedule of Investments (continued) BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Kentucky — 0.7%     
Kentucky Housing Corp., RB, Series C, AMT,     
 4.63%, 7/01/22  $ 2,000  $ 1,989,460 
Louisiana — 0.7%     
Parish of DeSoto Louisiana, RB, Series A, AMT,     
 5.85%, 11/01/27  2,000  1,908,040 
Maryland — 4.5%     
County of Frederick Maryland, Special Tax, Urbana     
 Community Development Authority:     
     6.63%, 7/01/25  3,000  2,796,540 
     Series A, 5.80%, 7/01/20  4,453  4,061,759 
Maryland Health & Higher Educational Facilities Authority,     
 Refunding RB, MedStar Health, 5.38%, 8/15/24  5,500  5,659,610 
    12,517,909 
Massachusetts — 1.7%     
Massachusetts Development Finance Agency, RB,     
 Waste Management Inc. Project, AMT, 5.45%, 6/01/14  4,500  4,694,130 
Massachusetts State Water Pollution Abatement, RB,     
 MWRA Program, Sub-Series A, 6.00%, 8/01/23  140  141,931 
    4,836,061 
Michigan — 1.6%     
Michigan State Hospital Finance Authority, Michigan,     
 Refunding RB, Hospital, Sparrow Obligated,     
 4.50%, 11/15/26  1,500  1,375,875 
State of Michigan, Refunding RB (f):     
     5.00%, 11/01/20  1,000  1,069,180 
     5.00%, 11/01/21  2,000  2,119,860 
    4,564,915 
Minnesota — 0.5%     
Minnesota Higher Education Facilities Authority,     
 Minnesota, RB, University Saint Thomas, Series Five,     
 Y, 5.00%, 10/01/24  1,250  1,293,988 
Mississippi — 1.0%     
County of Warren Mississippi, RB, Series A, AMT,     
 5.85%, 11/01/27  3,000  2,862,060 
Missouri — 3.8%     
Missouri Development Finance Board, Missouri, RB,     
 Branson Landing Project, Series A, 5.50%, 12/01/24  5,000  5,013,800 
Missouri State Health & Educational Facilities Authority,     
 Missouri, RB, BJC Health System, Series A,     
 5.00%, 5/15/20  5,500  5,679,740 
    10,693,540 
Multi-State — 7.7%     
Charter Mac Equity Issuer Trust (c)(g):     
     5.75%, 5/15/15  1,000  1,021,590 
     6.00%, 5/15/15  4,000  4,128,960 
     6.00%, 5/15/19  2,500  2,573,275 
     6.30%, 5/15/19  2,500  2,585,250 
MuniMae TE Bond Subsidiary LLC (c)(g)(h):     
     5.40%  5,000  3,258,400 
     5.80%  5,000  3,249,500 
     Series D, 5.90%  2,000  1,099,180 
San Manuel Entertainment Authority Series 04-C,     
 4.50%, 12/01/16 (c)  4,000  3,539,320 
    21,455,475 
Nevada — 2.1%     
City of Henderson Nevada, Special Assessment,     
 No. T-18, 5.15%, 9/01/21  1,765  792,626 
County of Clark Nevada, Refunding RB, Alexander     
 Dawson School, Nevada Project, 5.00%, 5/15/20  5,000  5,117,450 
    5,910,076 

  Par   
Municipal Bonds  (000)  Value 
New Hampshire — 5.2%     
New Hampshire Business Finance Authority,     
 Refunding RB, Public Service Co. New Hampshire     
 Project, Series B, AMT (MBIA), 4.75%, 5/01/21  $ 10,000  $ 9,581,500 
New Hampshire Health & Education Facilities Authority,     
 RB, Elliot Hospital, Series B, 5.60%, 10/01/22  4,755  4,819,763 
    14,401,263 
New Jersey — 13.3%     
Middlesex County Improvement Authority, RB, Street     
 Student Housing Project, Series A, 5.00%, 8/15/23  1,000  1,026,470 
New Jersey EDA, RB:     
     Cigarette Tax, 5.50%, 6/15/24  10,000  9,545,000 
     Continental Airlines Inc. Project, AMT,     
     7.00%, 11/15/30  5,000  4,642,800 
     Continental Airlines Inc. Project, AMT,     
     9.00%, 6/01/33  1,500  1,565,640 
     Kapkowski Road Landfill, Series B, AMT,     
     6.50%, 4/01/31  7,500  5,908,800 
New Jersey EDA, Refunding RB, First Mortgage,     
 Winchester, Series A, 4.80%, 11/01/13  1,000  1,010,260 
New Jersey Educational Facilities Authority, Refunding RB,     
 University Medical & Dentistry, Series B,     
 6.25%, 12/01/18  2,500  2,680,550 
New Jersey Health Care Facilities Financing Authority,     
 RB, Capital Health System Obligation Group, Series A,     
 5.75%, 7/01/13 (b)  4,000  4,541,720 
New Jersey Health Care Facilities Financing Authority,     
 Refunding RB, AtlantiCare Regional Medical Center,     
 5.00%, 7/01/20  2,110  2,183,196 
New Jersey State Housing & Mortgage Finance Agency,     
 RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22  2,500  2,468,675 
Newark Housing Authority, RB, South Ward Police Facility     
 (AGC), 5.00%, 12/01/21  1,250  1,314,262 
    36,887,373 
New York — 8.5%     
New York City Industrial Development Agency, RB,     
 American Airlines, JFK International Airport, AMT:     
     7.63%, 8/01/25  5,635  5,417,433 
     7.75%, 8/01/31  5,000  4,826,350 
New York State Energy Research & Development     
 Authority, RB, Brooklyn Union Gas, Keyspan, Series A,     
 AMT (FGIC), 4.70%, 2/01/24  8,500  8,182,950 
Tobacco Settlement Financing Corp., New York, RB,     
 Series B-1C, 5.50%, 6/01/20  5,000  5,270,450 
    23,697,183 
North Carolina — 0.6%     
North Carolina Eastern Municipal Power Agency,     
 North Carolina, RB, Series B, 5.00%, 1/01/21  1,550  1,598,205 
Ohio — 7.3%     
American Municipal Power-Ohio Inc., RB, Prairie State     
 Energy Campus Project, Series A, 5.25%, 2/15/23  5,000  5,338,800 
County of Cuyahoga Ohio, Refunding RB, Series A:     
     6.00%, 1/01/19  3,000  3,248,460 
     6.00%, 1/01/20  10,000  10,806,800 
Pinnacle Community Infrastructure Financing Authority,     
 RB, Facilities, Series A, 6.00%, 12/01/22  1,015  832,787 
    20,226,847 
Oklahoma — 1.2%     
Tulsa Municipal Airport Trust Trustees, Oklahoma,     
 Refunding RB, Series A, AMT, 7.75%, 6/01/35  3,350  3,192,483 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments (continued) BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Pennsylvania — 6.2%     
Lancaster County Hospital Authority, RB, General     
 Hospital Project, 5.75%, 3/15/20 (b)  $ 7,500  $ 8,588,400 
Montgomery County IDA, Pennsylvania, RB, Mortgage,     
 Whitemarsh Continuing Care, 6.00%, 2/01/21  1,275  989,795 
Pennsylvania Higher Educational Facilities Authority, RB,     
 La Salle University, 5.50%, 5/01/26  6,680  6,531,303 
Pennsylvania Turnpike Commission, RB, Sub-Series A     
 (AGC), 5.00%, 6/01/22  1,000  1,053,280 
    17,162,778 
Puerto Rico — 4.9%     
Commonwealth of Puerto Rico, GO, Public Improvement,     
 Series B, 5.25%, 7/01/17  3,300  3,395,040 
Puerto Rico Electric Power Authority, RB, Series NN,     
 5.13%, 7/01/13 (b)  9,000  10,184,490 
    13,579,530 
Tennessee — 3.5%     
Tennessee Energy Acquisition Corp., Tennessee, RB,     
 Series A, 5.25%, 9/01/20  10,000  9,821,100 
Texas — 9.9%     
Brazos River Authority, Refunding RB, TXU Energy Co. LLC     
 Project, Series A, AMT, 6.75%, 4/01/38  1,100  793,650 
City of Dallas Texas, Refunding RB & Improvement (AGC),     
 5.00%, 8/15/21  2,500  2,631,750 
North Texas Toll Highway Authority, RB, Dallas North     
 Toll Highway System, Series C:     
     5.25%, 1/01/20  1,000  1,050,410 
     5.38%, 1/01/21  5,000  5,241,150 
Port Corpus Christi Industrial Development Corp., Texas,     
 Refunding RB, Valero, Series C, 5.40%, 4/01/18  3,500  3,454,955 
Texas State Turnpike Authority, RB, CAB, First Tier, Series A     
 (AMBAC) (a):     
     5.38%, 8/15/21  7,990  4,191,314 
     5.53%, 8/15/24  8,450  3,618,882 
Weatherford ISD, GO, CAB, Refunding (a):     
     5.75%, 2/15/11 (b)  4,040  2,007,920 
     5.77%, 2/15/11 (b)  4,040  1,895,972 
     5.75%, 2/15/23  2,905  1,376,708 
     5.77%, 2/15/24  2,905  1,298,535 
    27,561,246 
U.S. Virgin Islands — 0.4%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
 Matching Fund Loan Note, Series A, 5.25%, 10/01/17  1,000  1,030,950 
Virginia — 7.8%     
Celebrate North Community Development Authority,     
 Special Assessment Bonds, Celebrate Virginia North     
 Project, Series B, 6.60%, 3/01/25  4,993  4,183,784 
Charles City County EDA, RB, Waste Management, AMT,     
 5.13%, 8/01/27  10,000  10,006,900 
Mecklenburg County IDA, Virginia, Refunding RB, Exempt     
 Facilities, UAE LP Project, AMT, 6.50%, 10/15/17  7,500  7,318,275 
    21,508,959 
Wisconsin — 3.1%     
State of Wisconsin, RB, Series A, 5.25%, 5/01/20  1,000  1,110,290 
Wisconsin Health & Educational Facilities Authority, RB,     
 Wheaton Franciscan Services, Series A:     
     5.50%, 8/15/17  2,880  2,843,885 
     5.50%, 8/15/18  3,190  3,124,509 
Wisconsin Health & Educational Facilities Authority,     
 Refunding RB, Froedtert & Community Health Inc.,     
 5.00%, 4/01/20  1,515  1,543,437 
    8,622,121 
Total Municipal Bonds — 159.6%    443,184,672 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (i)  (000)  Value 
City of Chicago, Illinois, Refunding RB, Second Lien     
 (FSA), 5.00%, 11/01/20  $ 5,000 $  5,446,700 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 2.0%    5,446,700 
Total Long-Term Investments     
(Cost — $463,678,046) — 161.6%  448,631,372 
Short-Term Securities     
Pennsylvania — 0.0%     
City of Philadelphia Pennsylvania, Refunding RB, VRDN     
 (FSA), 0.29%, 11/06/09 (j)  90  90,000 
  Shares   
Money Market Funds — 1.2%     
FFI Institutional Tax-Exempt Fund, 0.23% (k)(l)   3,400,644  3,400,644 
Total Short-Term Securities     
(Cost — $3,490,644) — 1.2%    3,490,644 
Total Investments (Cost — $467,168,690*) — 162.8%  452,122,016 
Other Assets Less Liabilities — 1.2%    3,151,618 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (1.4)%    (3,750,032) 
Preferred Shares, at Redemption Value — (62.6)%  (173,861,498) 
Net Assets Applicable to Common Shares — 100.0%  $277,662,104 
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost  $463,002,685 
       Gross unrealized appreciation  $ 11,294,386 
       Gross unrealized depreciation    (25,925,055) 
       Net unrealized depreciation  $ (14,630,669) 
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.     
(b) US government securities, held in escrow, are used to pay interest on this security as 
       well as to retire the bond in full at the date indicated, typically at a premium to par. 
 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
       These securities may be resold in transactions exempt from registration to qualified 
       institutional investors.     
(d) Issuer filed for bankruptcy and/or is in default of interest payments.   
 (e) Non-income producing security.     
 (f) When-issued security.     
    Unrealized 
       Counterparty     Value  Depreciation 
       Loop Capital Markets LLC  $3,189,040  $ (6,040) 
(g) Security represents a beneficial interest in a trust. The collateral deposited into the 
       trust is federally tax-exempt revenue bonds issued by various state or local govern- 
       ments, or their respective agencies or authorities. The security is subject to remarket- 
       ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
(h) Security is perpetual in nature and has no stated maturity date.   
(i) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Trust acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
 (j) Security may have a maturity of more than one year at time of issuance, but has 
       variable rate and demand features that qualify it as a short-term security. The rate 
       shown is as of report date and maturity shown is the date the principal owed can 
       be recovered through demand.     

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 21


Schedule of Investments (concluded) BlackRock Municipal 2020 Term Trust (BKK)

(k) Investments in companies considered to be an affiliate of the Trust, for purposes of   
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows:   
      Net       
       Affiliate    Activity    Income   
       FFI Institutional Tax-Exempt Fund  $ 1,099,603  $ 5,435   
 (l) Represents the current yield as of report date.           
Fair Value Measurements — Various inputs are used in determining the fair value of   
       investments, which are as follows:           
       Level 1 — price quotations in active markets/exchanges for identical assets   
  and liabilities           
       Level 2 — other observable inputs (including, but not limited to: quoted prices for   
  similar assets or liabilities in markets that are active, quoted prices for identical   
  or similar assets or liabilities in markets that are not active, inputs other than   
  quoted prices that are observable for the assets or liabilities (such as interest   
  rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and   
  default rates) or other market-corroborated inputs)         
       Level 3 — unobservable inputs based on the best information available in the   
  circumstances, to the extent observable inputs are not available (including the   
  Trust’s own assumptions used in determining the fair value of investments)   
       The inputs or methodology used for valuing securities are not necessarily an indica-   
       tion of the risk associated with investing in those securities. For information about   
       the Trust’s policy regarding valuation of investments and other significant accounting   
       policies, please refer to Note 1 of the Notes to Financial Statements.     
       The following table summarizes the inputs used as of October 31, 2009 in deter-   
       mining the fair valuation of the Trust’s investments:         
        Investments in   
       Valuation Inputs      Securities   
        Assets   
       Level 1 — Short-Term Securities      $ 3,400,644   
       Level 2:           
           Long-Term Investments1      448,631,372   
           Short-Term Securities        90,000   
       Total Level 2      448,721,372   
       Level 3           
       Total      $452,122,016   
           1   See above Schedule of Investments for values in each state or       
  political subdivision.           
See Notes to Financial Statements.           
22  SEMI-ANNUAL REPORT      OCTOBER 31, 2009 


Schedule of Investments October 31, 2009 (Unaudited)  BlackRock Municipal Income Trust (BFK) 
        (Percentages shown are based on Net Assets) 
  Par        Par   
Municipal Bonds  (000)  Value  Municipal Bonds    (000)  Value 
Alabama — 3.0%      Colorado (concluded)       
Huntsville Health Care Authority, Alabama, RB, Series B,      Denver Health & Hospital Authority, Colorado, RB,     
 5.75%, 6/01/12 (a)  $ 15,000  $ 16,908,150   Series A, 6.00%, 12/01/11 (a)    $ 1,500  $ 1,649,715 
Arizona — 4.4%      Park Creek Metropolitan District, Colorado, Refunding RB,     
Phoenix & Pima County IDA, RB, Series 2007-1, AMT       Senior, Limited Tax Property Tax, 5.50%, 12/01/37  2,530  2,342,982 
 (GNMA), 5.25%, 8/01/38  3,743  3,788,346        19,097,811 
Pima County IDA, RB, American Charter Schools      District of Columbia — 7.3%       
 Foundation, Series A, 5.63%, 7/01/38  4,590  3,612,100  District of Columbia, RB, CAB, University, Georgetown,     
Salt Verde Financial Corp., RB, Senior:       Series A (MBIA), 6.03%, 4/01/11 (a)(b):  66,785  14,224,710 
     5.00%, 12/01/32  10,280  9,192,376  District of Columbia, RB, Friendship Public Charter     
     5.00%, 12/01/37  9,290  7,902,074   School Inc. (ACA), 5.25%, 6/01/33  2,390  1,842,379 
    24,494,896  District of Columbia Tobacco Settlement Financing Corp.,     
California — 26.6%       RB, Asset Backed Bonds, 6.75%, 5/15/40  23,035  22,311,931 
Bay Area Toll Authority, RB, San Francisco Bay Area,      Metropolitan Washington DC Airports Authority Dulles     
 Series F1, 5.63%, 4/01/44  4,445  4,787,087   Toll Road, RB, First Senior Lien, Series A:     
California County Tobacco Securitization Agency, RB, CAB,           5.00%, 10/01/39    990  988,891 
 Stanislaus, Sub-Series C, 6.30%, 6/01/55 (b)  17,855  219,081       5.25%, 10/01/44    1,545  1,583,965 
California HFA, RB, Home Mortgage, Series G, AMT,            40,951,876 
 5.50%, 8/01/42  7,845  7,680,020  Florida — 4.0%       
California Statewide Communities Development Authority,      County of Orange Florida, Refunding RB (Syncora),     
 RB, Health Facilities, Memorial Health Services,       4.75%, 10/01/32    5,440  5,212,554 
 Series A, 5.50%, 10/01/33  5,000  5,030,650  Miami Beach Health Facilities Authority, Refunding RB,     
City of Lincoln California, Special Tax, Community       Mount Sinai Medical Center Florida, 6.75%, 11/15/21  7,485  7,531,856 
 Facilities District No. 2003-1, 6.00%, 9/01/13 (a)  3,115  3,678,940  Stevens Plantation Community Development District,     
Foothill Eastern Transportation Corridor Agency, California,       Special Assessment, Series A, 7.10%, 5/01/35  3,770  2,832,929 
 Refunding RB, CAB (b):      Village Community Development District No. 6, Special     
     6.09%, 1/15/32  54,635  11,828,478   Assessment, 5.63%, 5/01/22    7,200  6,654,744 
     6.09%, 1/15/38  75,000  10,740,000         
Golden State Tobacco Securitization Corp., California, RB,            22,232,083 
 Series 2003-A-1, 6.63%, 6/01/13 (a)  10,000  11,649,200  Georgia — 2.0%       
Los Angeles Regional Airports Improvement Corp.,      Metropolitan Atlanta Rapid Transit Authority, RB,     
 California, Refunding RB, Facilities, LAXFUEL Corp.,       3rd Series, 5.00%, 7/01/39    6,805  6,951,103 
 LA International Airport, AMT (AMBAC), 5.50%, 1/01/32  13,320  12,920,800  Richmond County Development Authority, Refunding RB,     
Los Angeles Unified School District, California, GO,       International Paper Co. Project, Series A, AMT,     
 Series D:       6.00%, 2/01/25    4,000  3,948,480 
     5.25%, 7/01/24  5,000  5,396,900        10,899,583 
     5.25%, 7/01/25  3,490  3,749,830         
     5.00%, 7/01/26  1,305  1,372,351  Guam — 1.1%       
Murrieta Community Facilities District Special Tax,      Territory of Guam, GO, Series A:       
 California, Special Tax, No. 2, The Oaks Improvement           6.00%, 11/15/19    1,245  1,296,406 
 Area, Series A, 6.00%, 9/01/34  5,000  4,330,550       6.75%, 11/15/29    2,180  2,332,469 
San Francisco City & County Public Utilities Commission,           7.00%, 11/15/39    2,255  2,437,294 
 RB, Series B, 5.00%, 11/01/39  18,550  18,827,322        6,066,169 
State of California, GO, Various Purpose:      Illinois — 6.2%       
     5.00%, 6/01/32  4,000  3,767,600  CenterPoint Intermodal Center Program Trust, Tax     
     6.50%, 4/01/33  20,410  22,557,336   Allocation Bonds, Class A, 10.00%, 6/15/23 (d)  4,630  2,435,658 
     5.00%, 6/01/34  6,250  5,848,750  Illinois Educational Facilities Authority, RB:     
University of California, RB, Limited Project, Series B,           Educational Advancement Fund, University Center     
 4.75%, 5/15/38  10,565  10,057,669       Project, 6.25%, 5/01/30 (a)    10,000  11,363,300 
West Valley-Mission Community College District, GO,           University of Chicago, Series A, 5.25%, 7/01/41  760  784,328 
 Election of 2004, Series A (FSA), 4.75%, 8/01/30  4,015  4,037,765  Illinois Finance Authority, RB:       
    148,480,329       Friendship Village Schaumburg, Series A,     
Colorado — 3.4%           5.63%, 2/15/37    845  668,463 
City of Colorado Springs Colorado, RB, Subordinate Lien,           MJH Education Assistance IV, Sub-Series B,     
 Improvement, Series C (FSA), 5.00%, 11/15/45  2,545  2,574,013       5.38%, 6/01/35 (e)(f)    1,675  118,925 
Colorado Health Facilities Authority, RB, Series C (FSA),           Monarch Landing Inc., Facilities, Series A,     
 5.25%, 3/01/40  3,585  3,574,998       7.00%, 12/01/37    2,885  1,442,500 
Colorado Health Facilities Authority, Refunding RB,      Illinois Health Facilities Authority, Refunding RB, Elmhurst     
 Catholic Healthcare, Series A (c):       Memorial Healthcare:       
     5.50%, 7/01/34  4,205  4,283,591       5.50%, 1/01/22    5,000  4,874,150 
     5.00%, 7/01/39  4,965  4,672,512       5.63%, 1/01/28    6,000  5,720,640 
See Notes to Financial Statements.             
SEMI-ANNUAL REPORT    OCTOBER 31, 2009    23 


Schedule of Investments (continued)  BlackRock Municipal Income Trust (BFK) 
        (Percentages shown are based on Net Assets) 
    Par        Par   
Municipal Bonds    (000)  Value  Municipal Bonds    (000)  Value 
Illinois (concluded)        New Jersey — 7.2%       
Illinois Municipal Electric Agency, RB (MBIA),      Middlesex County Improvement Authority, RB, Subordinate,     
 4.50%, 2/01/35    $ 1,595  $ 1,483,382   Heldrich Center Hotel, Series B, 6.25%, 1/01/37  $ 3,680  $ 676,973 
Village of Bolingbrook Illinois, GO, Series B (MBIA) (b):      New Jersey EDA, RB:       
     6.01%, 1/01/33    6,820  1,862,951       Cigarette Tax, 5.75%, 6/15/29    15,500  14,917,200 
     6.01%, 1/01/34    14,085  3,620,831       Continental Airlines Inc. Project, AMT,       
      34,375,128       7.00%, 11/15/30    15,410  14,309,110 
        New Jersey EDA, Special Assessment, Refunding RB,       
Indiana — 7.6%         Kapkowski Road Landfill Project, 6.50%, 4/01/28    8,000  6,764,960 
Indiana Finance Authority, RB:        Tobacco Settlement Financing Corp., New Jersey, RB,       
     Refunding, Duke Energy, Series C, 4.95%, 10/01/40  5,745  5,477,513   Series 1A, 4.50%, 6/01/23    4,125  3,693,525 
Sisters of St. Francis Health, 5.25%, 11/01/39 (c)  1,655  1,603,993         
Indiana Health Facility Financing Authority, Indiana, RB,            40,361,768 
 Methodist Hospital Inc, 5.50%, 9/15/31  9,000  6,982,920  New York — 6.3%       
Indiana Municipal Power Agency, Indiana, RB, Indiana      Albany Industrial Development Agency, RB, New Covenant     
 Muni Power Agency Series B, 6.00%, 1/01/39  2,150  2,306,412   Charter School Project, Series A, 7.00%, 5/01/35    1,820  1,153,188 
Petersburg Indiana, RB, Indiana Power & Light, AMT:      New York City Industrial Development Agency, RB,       
     5.90%, 12/01/24    10,000  9,594,700   American Airlines, JFK International Airport, AMT:       
     5.95%, 12/01/29    16,000  14,968,640       8.00%, 8/01/28    5,000  5,012,400 
Vincennes Indiana, Refunding RB & Improvement,           7.75%, 8/01/31    22,140  21,371,078 
 Southwest Indiana Regional, 6.25%, 1/01/24  2,220  1,730,113  New York Liberty Development Corp., RB, Goldman       
      42,664,291   Sachs Headquarters, 5.25%, 10/01/35    3,545  3,468,215 
        New York State Dormitory Authority, RB, NYU Hospitals       
Kentucky — 0.1%         Center, Series A, 5.00%, 7/01/20    4,000  3,922,000 
Kentucky Housing Corp., RB, Series F, AMT (FNMA),             
 5.45%, 1/01/32    715  717,424        34,926,881 
Louisiana — 1.3%        North Carolina — 4.7%       
Louisiana Local Government Environmental Facilities &      Gaston County Industrial Facilities & Pollution Control       
 Community Development Authority, RB, Capital       Financing Authority, North Carolina, RB, Exempt       
 Projects & Equipment Acquisition Program (ACA),       Facilities, National Gypsum Co. Project, AMT,       
 6.55%, 9/01/25    8,430  7,228,219   5.75%, 8/01/35    12,130  7,167,860 
        North Carolina Capital Facilities Finance Agency,       
Maryland — 0.4%         Refunding RB, Duke University Project, Series B,       
Maryland Community Development Administration, RB,       4.25%, 7/01/42    11,350  10,513,391 
 Residential, Series A, AMT, 4.65%, 9/01/32  2,665  2,474,612  North Carolina Eastern Municipal Power Agency,       
Michigan — 0.7%         North Carolina, RB, Series B, 5.00%, 1/01/26    4,360  4,439,962 
Michigan State Hospital Finance Authority, Michigan,      North Carolina Medical Care Commission, RB,       
 Refunding RB, Henry Ford Health System, Series A,       Duke University Health System, Series A (c):       
 5.25%, 11/15/46    4,230  3,668,848       5.00%, 6/01/39    1,240  1,226,720 
Mississippi — 3.3%             5.00%, 6/01/42    2,750  2,697,832 
City of Gulfport Mississippi, RB, Memorial Hospital at            26,045,765 
 Gulfport Project, Series A, 5.75%, 7/01/31  18,455  18,385,425  Ohio — 1.8%       
Missouri — 0.1%        Buckeye Tobacco Settlement Financing Authority,       
Missouri Joint Municipal Electric Utility Commission, RB,       RB, Asset-Backed, Senior, Turbo, Series A-2,       
 Plum Point Project (MBIA), 4.60%, 1/01/36  670  551,316   6.50%, 6/01/47    3,120  2,513,410 
Multi-State — 5.6%        County of Montgomery Ohio, Refunding RB, Catholic       
Charter Mac Equity Issuer Trust (d)(g):       Healthcare, Series A, 5.00%, 5/01/39 (c)    4,965  4,694,556 
     6.80%, 11/30/50    6,500  6,701,695  Pinnacle Community Infrastructure Financing Authority,       
     6.80%, 10/31/52    16,000  17,098,880   RB, Facilities, Series A, 6.25%, 12/01/36    3,760  2,751,869 
MuniMae TE Bond Subsidiary LLC,            9,959,835 
 7.50%, 6/30/49 (d)(g)    8,000  7,419,840  Oklahoma — 1.2%       
      31,220,415  Tulsa Municipal Airport Trust Trustees, Oklahoma,       
Nebraska — 0.7%         Refunding RB, Series A, AMT, 7.75%, 6/01/35    7,175  6,837,632 
Omaha Public Power District, RB, System, Series A,      Pennsylvania — 4.9%       
 4.75%, 2/01/44    3,695  3,645,487  Pennsylvania Economic Development Financing       
Nevada — 0.9%         Authority, RB:       
County of Clark Nevada, Refunding RB, Alexander           Amtrak Project, Series A, AMT, 6.38%, 11/01/41    6,500  6,567,860 
 Dawson School, Nevada Project, 5.00%, 5/15/29  5,260  5,131,761       Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (c)  3,725  3,699,335 
             Reliant Energy, Series A-12-22-04, AMT,       
New Hampshire — 1.3%             6.75%, 12/01/36    11,345  11,581,770 
New Hampshire Business Finance Authority, Refunding RB,      Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27  2,500  2,344,700 
 Public Service Co. New Hampshire Project, Series B,      Pennsylvania Turnpike Commission, RB, Sub-Series D,       
 AMT (MBIA), 4.75%, 5/01/21  4,000  3,832,600   5.13%, 12/01/40    3,100  3,038,465 
New Hampshire Health & Education Facilities Authority,             
 RB, Exeter Project, 5.75%, 10/01/31  3,500  3,559,850        27,232,130 
      7,392,450         
See Notes to Financial Statements.             
24  SEMI-ANNUAL REPORT                                             OCTOBER 31, 2009       


Schedule of Investments (continued)  BlackRock Municipal Income Trust (BFK) 
      (Percentages shown are based on Net Assets) 
  Par        Par   
Municipal Bonds  (000)  Value  Municipal Bonds    (000)  Value 
Puerto Rico — 2.1%      Washington — 1.5%       
Puerto Rico Sales Tax Financing Corp., RB, First      County of King Washington, Refunding RB (FSA),       
 Sub-Series A, 6.50%, 8/01/44  $ 10,900  $ 11,788,350   5.00%, 1/01/36  $ 3,615  $ 3,685,854 
South Carolina — 5.9%      Washington Health Care Facilities Authority, Washington,     
County of Lexington South Carolina, Refunding RB &       RB, Providence Health Care Services, Series A (MBIA),     
 Improvement (a):       4.63%, 10/01/34    5,095  4,831,232 
     5.50%, 11/01/13  5,000  5,732,850        8,517,086 
     5.75%, 11/01/13  10,000  11,562,100  Wisconsin — 1.6%       
South Carolina Jobs-EDA, RB, Palmetto Health:      Wisconsin Health & Educational Facilities Authority, RB:     
     Refunding, Alliance, Series A, 6.25%, 8/01/31  5,075  5,148,740       Aurora Health Care, 6.40%, 4/15/33    7,500  7,638,900 
     Series C, 6.88%, 8/01/13 (a)  9,000  10,595,771       Froedtert & Community, 5.38%, 10/01/30    1,205  1,220,340 
    33,039,461        8,859,240 
Tennessee — 0.5%      Wyoming — 0.5%       
Knox County Health Educational & Housing Facilities      Wyoming Community Development Authority, Wyoming,       
 Board, Tennessee, CAB, Refunding RB & Improvement,       RB, Series 3, AMT, 4.65%, 12/01/27    2,765  2,614,667 
 Series A (FSA), 5.70%, 1/01/20 (b)  5,055  2,941,100         
      Total Municipal Bonds — 138.9%      775,017,184 
Texas — 18.8%             
Brazos River Authority, Refunding RB, TXU, AMT:             
     Electric Co. Project, Series C, 5.75%, 5/01/36  4,265  3,841,272         
     Electric, Series A, 8.25%, 10/01/30  4,370  2,605,525  Municipal Bonds Transferred to       
City of Houston Texas, Refunding RB, Combined,      Tender Option Bond Trusts (h)       
 First Lien, Series A (AGC), 6.00%, 11/15/35  16,425  18,671,283  Alabama — 0.8%       
Harris County-Houston Sports Authority, RB, CAB,      Alabama Special Care Facilities Financing Authority-       
 Junior Lien, Series H (MBIA), 6.11%, 11/15/35 (b)  5,000  713,150   Birmingham, Refunding RB, Ascension Health Senior       
Harris County-Houston Sports Authority, Refunding RB       Credit, Series C-2, 5.00%, 11/15/36    4,548  4,556,078 
 (MBIA) (b):      California — 3.3%       
     CAB, Senior Lien, Series A , 5.94%, 11/15/38  12,580  1,528,596  California Educational Facilities Authority, RB, University of     
     Third Lien, Series A-3 , 5.97%, 11/15/37  26,120  3,156,341   Southern California, Series A, 5.25%, 10/01/39    5,115  5,390,238 
Houston Texas Airport Systems, Refunding ARB,      Los Angeles Community College District, California, GO,       
 Senior Lien, Series A, 5.50%, 7/01/39  3,000  3,111,720   Election 2001, Series A (FSA), 5.00%, 8/01/32    4,500  4,618,890 
Lower Colorado River Authority, Refunding RB &      San Diego Community College District, California, GO,       
 Improvement (MBIA):       Election of 2002, 5.25%, 8/01/33    3,260  3,423,039 
     5.00%, 5/15/13 (a)  50  55,979  University of California, RB, Series C (MBIA),       
     5.00%, 5/15/31  2,345  2,348,705   4.75%, 5/15/37    5,000  4,939,300 
Lower Colorado River Authority, Refunding RB:             
     LCRA Transmission Services Project (AMBAC),            18,371,467 
     4.75%, 5/15/34  12,930  12,405,042  Colorado — 2.3%       
     Series A (MBIA), 5.00%, 5/15/13 (a)  5  5,598  Colorado Health Facilities Authority, RB, Catholic       
North Texas Tollway Authority, Refunding RB, Second Tier,       Health (FSA):       
 Series F, 6.13%, 1/01/31  12,180  12,649,904       Series C3, 5.10%, 10/01/41    7,600  7,678,280 
San Antonio Energy Acquisition Public Facility Corp., RB,           Series C7, 5.00%, 9/01/36    4,860  4,900,192 
 Gas Supply, 5.50%, 8/01/25  6,540  6,539,411        12,578,472 
Texas State Affordable Housing Corp., Texas, RB,             
 American Opportunity Housing Portfolio, Series B,      Connecticut — 3.5%       
 8.00%, 3/01/32 (e)(f)  4,435  220,774  Connecticut State Health & Educational Facility Authority,     
Texas State Turnpike Authority, RB (AMBAC):       RB, Yale University:       
     CAB, 6.06%, 8/15/32 (b)  25,000  5,818,250       Series T1, 4.70%, 7/01/29    9,400  9,906,660 
     CAB, 6.07%, 8/15/33 (b)  62,325  13,574,385       Series X3, 4.85%, 7/01/37    9,360  9,742,450 
     CAB, 6.07%, 8/15/34 (b)  65,040  13,223,282        19,649,110 
     First Tier, Series A, 5.00%, 8/15/42  5,000  4,530,650  Illinois — 1.5%       
    104,999,867  Chicago New Public Housing Authority, Illinois,       
Utah — 1.0%       Refunding RB (FSA), 5.00%, 7/01/24    8,232  8,442,366 
City of Riverton Utah, RB, IHC Health Services Inc.,      Massachusetts — 1.2%       
 5.00%, 8/15/41 (c)  5,475  5,305,166  Massachusetts Water Resources Authority, Refunding RB,     
Virginia — 0.9%       Generation, Series A, 5.00%, 8/01/41    6,770  6,862,410 
City of Norfolk Virginia, Refunding RB, Series B (AMBAC),      New Hampshire — 0.8%       
 5.50%, 2/01/31  2,635  2,514,133  New Hampshire Health & Education Facilities Authority,     
Virginia Commonwealth Transportation Board, Virginia,       Refunding RB, Dartmouth College, 5.25%, 6/01/39    3,988  4,266,906 
 Refunding RB, CAB, Contract, Route 28 (MBIA),             
 5.29%, 4/01/32 (b)  8,105  2,487,830         
    5,001,963         
See Notes to Financial Statements.             
                                                         SEMI-ANNUAL REPORT    OCTOBER 31, 2009    25 


Schedule of Investments (concluded)    BlackRock Municipal Income Trust (BFK) 
                (Percentages shown are based on Net Assets) 
Municipal Bonds Transferred to      Par             
Tender Option Bond Trusts (h)      (000)    Value         
New York — 1.6%              (g) Security represents a beneficial interest in a trust. The collateral deposited into the 
New York City Municipal Water Finance Authority, RB,                 trust is federally tax-exempt revenue bonds issued by various state or local govern- 
 Series FF-2, 5.50%, 6/15/40    $ 3,075  $ 3,332,294       ments, or their respective agencies or authorities. The security is subject to remarket- 
New York State Environmental Facilities Corporation,                 ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
 New York, RB, Revolving Funds, New York City            (h) Securities represent bonds transferred to tender option bond trust in exchange for 
 Municipal Water Project, Series B, 5.00%, 6/15/31      5,370    5,458,122       which the Trust acquired residual interest certificates. These securities serve as col- 
            8,790,416       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
Virginia — 3.3%                   for details of municipal bonds transferred to tender option bond trusts. 
Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31  6,810    6,880,892  (i) Investments in companies considered to be an affiliate of the Trust, for purposes of 
University of Virginia, Refunding RB, 5.00%, 6/01/40      10,750    11,340,390       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
            18,221,282      Net   
Washington — 3.7%                   Affiliate  Activity  Income 
Central Puget Sound Regional Transportation Authority,                   
 Washington, RB, Series A (FSA), 5.00%, 11/01/32      5,459    5,633,238       FFI Institutional Tax-Exempt Fund  $ 16,679,043  $ 19,806 
State of Washington, GO, Various Purpose, Series E,            (j) Represents the current yield as of report date.     
 5.00%, 2/01/34        14,487    15,085,249  Fair Value Measurements — Various inputs are used in determining the fair value of 
            20,718,487       investments, which are as follows:     
Total Municipal Bonds Transferred to                 Level 1 — price quotations in active markets/exchanges for identical assets 
Tender Option Bond Trusts — 22.0%        122,456,994    and liabilities     
Total Long-Term Investments                   Level 2 — other observable inputs (including, but not limited to: quoted prices for 
(Cost — $929,685,870) — 160.9%        897,474,178    similar assets or liabilities in markets that are active, quoted prices for identical 
                or similar assets or liabilities in markets that are not active, inputs other than 
                quoted prices that are observable for the assets or liabilities (such as interest 
Short-Term Securities        Shares        rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j)  17,102,993    17,102,993    default rates) or other market-corroborated inputs)   
Total Short-Term Securities                   Level 3 — unobservable inputs based on the best information available in the 
(Cost — $17,102,993) — 3.1%          17,102,993    circumstances, to the extent observable inputs are not available (including the 
                Trust’s own assumptions used in determining the fair value of investments) 
Total Investments (Cost — $946,788,863*) — 164.0%      914,577,171         
Liabilities in Excess of Other Assets — (3.1)%          (17,237,846)       The inputs or methodology used for valuing securities are not necessarily an indica- 
Liability for Trust Certificates, Including Interest                 tion of the risk associated with investing in those securities. For information about 
   Expense and Fees Payable — (12.3)%          (68,649,327)       the Trust’s policy regarding valuation of investments and other significant accounting 
Preferred Shares, at Redemption Value — (48.6)%        (270,890,746)       policies, please refer to Note 1 of the Notes to Financial Statements. 
Net Assets Applicable to Common Shares — 100.0%        $ 557,799,252       The following table summarizes the inputs used as of October 31, 2009 in deter- 
                   mining the fair valuation of the Trust’s investments:   
* The cost and unrealized appreciation (depreciation) of investments as of October 31,         
       2009, as computed for federal income tax purposes, were as follows:         Valuation    Investments in 
                   Inputs    Securities 
       Aggregate cost          $ 876,565,983         
                    Assets 
       Gross unrealized appreciation        $ 27,881,007         
       Gross unrealized depreciation          (58,453,321)       Level 1 — Short-Term Securities    $ 17,102,993 
       Net unrealized depreciation        $ (30,572,314)       Level 2 — Long-Term Investments1    897,474,178 
                   Level 3     
(a) US government securities, held in escrow, are used to pay interest on this security as       Total    $914,577,171 
well as to retire the bond in full at the date indicated, typically at a premium to par.         
              1  See above Schedule of Investments for values in each state or   
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of     political subdivision.     
       report date.                     
 (c) When-issued security.                     
            Unrealized         
       Counterparty       Value    Depreciation         
       Citibank NA    $ 3,924,552    $ (24,754)         
       JPMorgan Securities, Inc.    $ 5,305,166    $ (83,713)         
       Jeffries & Co.    $ 3,699,335    $ (62,133)         
       Merrill Lynch & Co.    $ 1,603,993    $ (48,716)         
       Morgan Stanley Capital Services, Inc.  $13,650,659    $(223,678)         
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.         
       These securities may be resold in transactions exempt from registration to qualified         
       institutional investors.                     
 (e) Issuer filed for bankruptcy and/or is in default of interest payments.           
 (f) Non-income producing security.                   
See Notes to Financial Statements.                   
26  SEMI-ANNUAL REPORT                                   OCTOBER 31, 2009     


Schedule of Investments October 31, 2009 (Unaudited)  BlackRock Pennsylvania Strategic Municipal Trust (BPS) 
          (Percentages shown are based on Net Assets) 
    Par          Par   
Municipal Bonds    (000)     Value  Municipal Bonds    (000)  Value 
Pennsylvania — 113.8%        Pennsylvania (concluded)       
Corporate — 2.4%        Housing — 12.3%       
Pennsylvania Economic Development Financing Authority,      Pennsylvania HFA, RB:       
 RB, Series A, AMT, Aqua Pennsylvania Inc., Project,          Series 95, Series A, AMT, 4.90%, 10/01/37  $ 1,000 $  950,380 
 6.75%, 10/01/18  $ 600 $  666,894    Series 96, Series A, AMT, 4.70%, 10/01/37    490  440,226 
County/City/Special District/School District — 18.0%        Series 97A, AMT, 4.65%, 10/01/31    1,300  1,206,114 
Delaware Valley Regional Financial Authority, RB,          Series 103C, Non Ace, 5.40%, 10/01/33    250  258,610 
 Series A (AMBAC), 5.50%, 8/01/28    1,500  1,588,575    Series 105C, 5.00%, 10/01/39    500  502,590 
Marple Newtown School District, GO (FSA),                3,357,920 
 5.00%, 6/01/31    600  623,604  State — 9.1%       
Mifflin County School District, GO (Syncora),        Commonwealth of Pennsylvania, GO, First Series:       
 7.50%, 9/01/22    200  243,218    5.00%, 3/15/28    825  890,942 
Owen J Roberts School District, GO, 4.75%, 11/15/25    700  728,966    5.00%, 3/15/29    275  294,976 
Philadelphia School District, GO:        Pennsylvania Turnpike Commission, RB, Series C (MBIA),     
Refunding, Series A (AMBAC), 5.00%, 8/01/15    1,000  1,103,070   5.00%, 12/01/32    1,000  1,032,390 
Series E, 6.00%, 9/01/38    100  108,028  State Public School Building Authority, Pennsylvania, RB,     
Scranton School District, Pennsylvania, GO, Series A         Harrisburg School District Project, Series A (AGC),       
 (FSA), 5.00%, 7/15/38    500  508,040   5.00%, 11/15/33    250  255,515 
      4,903,501          2,473,823 
Education — 12.7%        Transportation — 15.4%       
Cumberland County Municipal Authority, RB,        City of Philadelphia Pennsylvania, RB, Series A, AMT       
 AI Cup Financing Project, Dickinson College,         (FSA), 5.00%, 6/15/37    1,150  1,082,725 
 5.00%, 11/01/39    200  188,746  Pennsylvania Economic Development Financing       
Lancaster Higher Education Authority, RB, Franklin &         Authority, RB, Amtrak Project, Series A, AMT:       
 Marshall College Project, 5.00%, 4/15/37    500  498,505    6.25%, 11/01/31    1,000  1,008,720 
Pennsylvania Higher Educational Facilities Authority, RB,        6.38%, 11/01/41    1,000  1,010,440 
 Lafayette College Project, 6.00%, 5/01/30    1,250  1,268,638  Pennsylvania Turnpike Commission, RB:       
Pennsylvania State Higher Education Facilities Authority,        CAB, Sub-Series E, 6.48%, 12/01/38 (c)    385  239,466 
 Refunding RB, Trustees of the University of          Series A (AMBAC), 5.25%, 12/01/32    870  873,036 
 Pennsylvania, Series C, 4.75%, 7/15/35    500  502,700           
University of Pittsburgh, Pennsylvania, RB, Capital                4,214,387 
 Projects, Series B, 5.00%, 9/15/28    350  375,424  Utilities — 6.0%       
Wilkes-Barre Finance Authority, Refunding RB, Wilkes        City of Philadelphia Pennsylvania, RB, Series A,       
 University Project, 5.00%, 3/01/37    700  640,605   5.25%, 1/01/36    100  99,851 
      3,474,618  Delaware County IDA, Pennsylvania, RB, Water Facilities,     
         AMT (MBIA), 6.00%, 6/01/29    1,250  1,255,262 
Health — 37.9%        Montgomery County IDA, Pennsylvania, RB,       
Allegheny County Hospital Development Authority, RB,         Aqua Pennsylvania Inc. Project, Series A, AMT,       
 Health System, West Pennsylvania, Series A,         5.25%, 7/01/42    300  285,951 
 5.38%, 11/15/40    470  361,289           
Berks County Municipal Authority, RB, Reading Hospital &              1,641,064 
 Medical Center Project, Series A-3, 5.50%, 11/01/31  500  518,615  Total Municipal Bonds in Pennsylvania      31,090,836 
Bucks County IDA, RB, Pennswood Village Project,        Guam — 0.9%       
 Series A, 6.00%, 10/01/12 (a)    1,400  1,605,730  County/City/Special District/School District — 0.9%       
Geisinger Authority, RB, Series A, 5.13%, 6/01/34    500  503,935  Territory of Guam, RB, Section 30, Series A,       
Lehigh County General Purpose Authority, RB, Hospital,         5.75%, 12/01/34    250  254,583 
 Saint Lukes Bethlehem, 5.38%, 8/15/13 (a)    3,520  4,021,670           
Lycoming County Authority, Refunding RB, Susquehanna      Total Municipal Bonds in Guam      254,583 
 Health System Project, Series A, 5.75%, 7/01/39    210  199,681  Multi-State — 13.6%       
Monroe County Hospital Authority, Pennsylvania, RB,        Housing — 13.6%       
 Hospital, Pocono Medical Center, 5.13%, 1/01/37    345  318,176  MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(e)  4,000  3,709,920 
Montgomery County Higher Education & Health Authority,      Total Municipal Bonds in Multi-State      3,709,920 
 Refunding RB, Abington Memorial Hospital, Series A,                 
 5.13%, 6/01/33 (b)    320  312,496  Puerto Rico — 22.6%       
Montgomery County IDA, Pennsylvania, RB,        Education — 3.8%       
 ACTS Retirement, Life Community, 5.25%, 11/15/28  1,250  1,167,237  Puerto Rico Industrial Tourist Educational Medical &       
Southcentral General Authority, Pennsylvania, RB,         Environmental Control Facilities Financing Authority,       
 Wellspan Health Obligation Group, Series A,         RB, Ana G Mendez University System Project,       
 6.00%, 6/01/29    1,250  1,349,800   5.00%, 3/01/26    1,250  1,045,163 
      10,358,629  State — 16.2%       
        Commonwealth of Puerto Rico, GO, Refunding,       
         Sub-Series C-7 (MBIA), 6.00%, 7/01/27    1,385  1,438,890 
        Puerto Rico Public Buildings Authority, RB, Government       
         Facilities, Series N, 5.00%, 7/01/37    300  266,349 
See Notes to Financial Statements.                 
SEMI-ANNUAL REPORT        OCTOBER 31, 2009    27 


Schedule of Investments (concluded)    BlackRock Pennsylvania Strategic Municipal Trust (BPS) 
          (Percentages shown are based on Net Assets) 
    Par               
Municipal Bonds    (000)  Value             
Puerto Rico (concluded)        (b) When-issued security.         
State (concluded)                   
Puerto Rico Public Finance Corp., RB, Commonwealth                Unrealized 
 Appropriation, Series E, 5.50%, 2/01/12 (a)  $ 1,495 $  1,637,773       Affiliate    Value    Depreciation 
Puerto Rico Sales Tax Financing Corp., RB,           Goldman Sachs & Co.  $ 312,496    $ (1,267) 
 First Sub-Series A, 6.38%, 8/01/39  1,000  1,078,580             
      4,421,592  (c) Represents a step-up bond that pays an initial coupon rate for the first period and 
             then a higher coupon rate for the following periods. Rate shown reflects the current 
Utilities — 2.6%             yield as of report date.         
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,                 
 Series A, 6.00%, 7/01/38    200  205,416  (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
Puerto Rico Electric Power Authority, RB, Series WW,           These securities may be resold in transactions exempt from registration to qualified 
 5.50%, 7/01/38    500  501,670       institutional investors.         
      707,086  (e) Security represents a beneficial interest in a trust. The collateral deposited into the 
             trust is federally tax-exempt revenue bonds issued by various state or local govern- 
Total Municipal Bonds in Puerto Rico    6,173,841       ments, or their respective agencies or authorities. The security is subject to remarket- 
U.S. Virgin Islands — 0.3%             ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
State — 0.3%        (f) Securities represent bonds transferred to tender option bond trust in exchange for 
Virgin Islands Public Finance Authority, RB, Senior Lien,           which the Trust acquired residual interest certificates. These securities serve as col- 
 Capital Projects, Series A-1, 5.00%, 10/01/39  100  94,944       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
Total Municipal Bonds in U.S. Virgin Islands    94,944       for details of municipal bonds transferred to tender option bond trusts. 
Total Municipal Bonds — 151.2%    41,324,124  (g) Security may have a maturity of more than one year at time of issuance, but has 
             variable rate and demand features that qualify it as a short-term security. The rate 
             shown is as of report date and maturity shown is the date the principal owed can 
Municipal Bonds Transferred to           be recovered through demand.         
Tender Option Bond Trusts (f)      (h) Investments in companies considered to be an affiliate of the Trust, for purposes of 
Pennsylvania — 3.7%             Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
Health — 3.7%              Net     
Geisinger Authority, RB, Series A, 5.25%, 6/01/39  1,000  1,013,490        Activity    Income 
Total Municipal Bonds Transferred to           CMA Pennsylvania Municipal Money Fund  $ 1,100,192    $ 127 
Tender Option Bond Trusts      1,013,490             
Total Long-Term Investments        (i) Represents the current yield as of report date.         
(Cost — $42,158,198) — 154.9%    42,337,614  Fair Value Measurements — Various inputs are used in determining the fair value of 
             investments, which are as follows:         
             Level 1 — price quotations in active markets/exchanges for identical assets 
          and liabilities         
Short-Term Securities             Level 2 — other observable inputs (including, but not limited to: quoted prices for 
Pennsylvania — 1.1%          similar assets or liabilities in markets that are active, quoted prices for identical 
City of Philadelphia Pennsylvania, RB, VRDN,        or similar assets or liabilities in markets that are not active, inputs other than 
 Fifth Series A-2, 0.20%, 11/06/09 (g)  300  300,000    quoted prices that are observable for the assets or liabilities (such as interest 
    Shares      rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
          default rates) or other market-corroborated inputs)       
Money Market Funds — 4.4%                   
CMA Pennsylvania Municipal Money Fund,           Level 3 — unobservable inputs based on the best information available in the 
 0.04% (h)(i)    1,200,162  1,200,162    circumstances, to the extent observable inputs are not available (including the 
          Trust’s own assumptions used in determining the fair value of investments) 
Total Short-Term Securities                   
(Cost — $1,500,162) — 5.5%      1,500,162       The inputs or methodology used for valuing securities are not necessarily an indica- 
             tion of the risk associated with investing in those securities. For information about 
Total Investments (Cost — $43,658,360*) — 160.4%    43,837,776       the Trust’s policy regarding valuation of investments and other significant accounting 
Other Assets Less Liabilities — 1.1%    313,698       policies, please refer to Note 1 of the Notes to Financial Statements.   
Liability for Trust Certificates, Including Interest                 
   Expense and Fees Payable — (1.8)%    (500,438)       The following table summarizes the inputs used as of October 31, 2009 in deter- 
Preferred Shares, at Redemption Value — (59.7)%    (16,325,762)       mining the fair valuation of the Trust’s investments:       
Net Assets Applicable to Common Shares — 100.0%  $ 27,325,274          Investments in 
* The cost and unrealized appreciation (depreciation) of investments as of October 31,       Valuation Inputs        Securities 
       2009, as computed for federal income tax purposes, were as follows:              Assets 
       Aggregate cost    $ 42,995,563       Level 1 — Short-Term Securities      $ 1,200,162 
       Gross unrealized appreciation  $ 1,362,265       Level 2:         
       Gross unrealized depreciation    (1,020,052)           Long-Term Investments1        42,337,614 
       Net unrealized appreciation  $ 342,213           Short-Term Securities        300,000 
(a) US government securities, held in escrow, are used to pay interest on this security       Total Level 2        42,637,614 
       as well as to retire the bond in full at the date indicated, typically at a premium       Level 3         
       to par.             Total      $ 43,837,776 
                 1  See above Schedule of Investments for values in each state or     
See Notes to Financial Statements.        political subdivision.         
28  SEMI-ANNUAL REPORT      OCTOBER 31, 2009         


Schedule of Investments October 31, 2009 (Unaudited)  BlackRock Strategic Municipal Trust (BSD) 
          (Percentages shown are based on Net Assets) 
    Par        Par   
Municipal Bonds    (000)  Value  Municipal Bonds    (000)  Value 
Alabama — 3.3%        Florida (concluded)       
Courtland IDB, Alabama, RB, Champion International        Hillsborough County IDA, RB, National Gypsum, Series A,     
 Corp. Project, Series A, AMT, 6.70%, 11/01/29  $ 3,000 $  3,012,690   AMT, 7.13%, 4/01/30  $ 3,300 $  2,275,581 
Arizona — 3.5%        Miami Beach Health Facilities Authority, Refunding RB,     
Salt Verde Financial Corp., RB, Senior:         Mount Sinai Medical Center Florida, 6.75%, 11/15/21  1,245  1,252,794 
     5.00%, 12/01/32    1,455  1,301,061  Sumter Landing Community Development District, Florida,     
     5.00%, 12/01/37    1,320  1,122,792   RB, Sub-Series B, 5.70%, 10/01/38  1,565  1,127,849 
San Luis Facility Development Corp., RB, Senior Lien              8,240,107 
 Project, Regional Detention Center:        Georgia — 1.2%       
     6.25%, 5/01/15    210  194,863  Metropolitan Atlanta Rapid Transit Authority, RB,     
     7.00%, 5/01/20    210  194,007   3rd Series, 5.00%, 7/01/39    1,095  1,118,509 
     7.25%, 5/01/27    420  383,153         
        Guam — 1.1%       
      3,195,876  Territory of Guam, GO, Series A:       
California — 17.8%             6.00%, 11/15/19    200  208,258 
Bay Area Toll Authority, RB, San Francisco Bay Area,             6.75%, 11/15/29    355  379,829 
 Series F 1, 5.63%, 4/01/44    720  775,411       7.00%, 11/15/39    365  394,507 
California County Tobacco Securitization Agency, RB,              982,594 
 CAB, Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)    3,095  37,976         
Los Angeles Unified School District, California, GO,        Illinois — 6.7%       
 Series D, 5.00%, 7/01/26    1,585  1,666,801  CenterPoint Intermodal Center Program Trust, Tax     
San Francisco City & County Public Utilities         Allocation Bonds, Class A, 10.00%, 6/15/23 (d)  850  447,151 
 Commission, RB, Series B, 5.00%, 11/01/39    2,965  3,009,327  Illinois Educational Facilities Authority, RB, Northwestern     
State of California, GO, Various Purpose:         University, 5.00%, 12/01/33    5,000  5,120,300 
     6.50%, 4/01/33    650  718,387  Illinois Finance Authority, RB:       
     (CIFG), 5.00%, 3/01/33    5,000  4,691,950       Friendship Village Schaumburg, Series A,     
University of California, RB, Limited Project, Series B,             5.63%, 2/15/37    145  114,706 
 4.75%, 5/15/38    1,835  1,746,883       MJH Education Assistance IV, Sub-Series B,     
West Valley-Mission Community College District, GO,             5.38%, 6/01/35 (e)(f)    300  21,300 
 Election of 2004, Series A (FSA), 4.75%, 8/01/30    3,350  3,368,995       Monarch Landing Inc. Facilities, Series A,     
             7.00%, 12/01/37    575  287,500 
      16,015,730         
              5,990,957 
Colorado — 6.6%               
City of Colorado Springs Colorado, RB, Subordinate Lien,      Indiana — 1.7%       
 Improvement, Series C (FSA), 5.00%, 11/15/45    395  399,503  Indiana Finance Authority, RB:       
Colorado Health Facilities Authority, RB, Series C (FSA),           Refunding, Duke Energy, Series C, 4.95%, 10/01/40  930  886,699 
 5.25%, 3/01/40    600  598,326       Sisters of St. Francis Health, 5.25%, 11/01/39 (b)  270  261,678 
Colorado Health Facilities Authority, Refunding RB,        Indiana Municipal Power Agency, Indiana, RB, Indiana     
 Catholic Healthcare, Series A (b):         Muni Power Agency Series B, 6.00%, 1/01/39  350  375,462 
     5.50%, 7/01/34    680  692,709        1,523,839 
     5.00%, 7/01/39    800  752,872  Kentucky — 7.5%       
Northwest Parkway Public Highway Authority, Colorado,        Kentucky Economic Development Finance Authority,     
 RB, CAB, Senior, Series B (FSA), 6.30%, 6/15/11 (a)(c)  10,000  3,063,200   Refunding RB, Norton Healthcare Inc., Series B (MBIA),     
Park Creek Metropolitan District, Colorado, Refunding RB,       6.20%, 10/01/24 (a)    17,480  6,771,926 
 Senior, Limited Tax Property Tax, 5.50%, 12/01/37    440  407,475         
        Maryland — 2.5%       
      5,914,085  Maryland Community Development Administration,     
Connecticut — 2.6%         RB, Residential, Series A, AMT, 4.70%, 9/01/37  2,500  2,269,300 
Mashantucket Western Pequot Tribe, RB, Sub-Series A,        Michigan — 0.7%       
 5.50%, 9/01/28    1,500  785,955  Michigan State Hospital Finance Authority, Michigan,     
Mashantucket Western Pequot Tribe, Refunding RB,         Refunding RB, Henry Ford Health System, Series A,     
 Sub-Series B, 5.75%, 9/01/27 (d)    3,000  1,587,420   5.25%, 11/15/46    730  633,158 
      2,373,375  Missouri — 1.9%       
District of Columbia — 0.5%        Missouri Joint Municipal Electric Utility Commission, RB,     
Metroplitan Washington DC Airports Authority Dulles         Plum Point Project (MBIA), 4.60%, 1/01/36  2,110  1,736,235 
 Toll Road, RB, First Senior Lien, Series A:        Multi-State — 6.4%       
     5.00%, 10/01/39    160  159,820  Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (d)(g)  2,000  2,078,300 
     5.25%, 10/01/44    250  256,305  MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(g)  4,000  3,709,920 
      416,125        5,788,220 
Florida — 9.2%        Nevada — 1.0%       
Arborwood Community Development District, Special        County of Clark Nevada, Refunding RB, Alexander     
 Assessment, Master Infrastructure Projects, Series B,         Dawson School, Nevada Project, 5.00%, 5/15/29  905  882,936 
 5.10%, 5/01/14    1,485  1,054,261         
County of Orange Florida, Refunding RB,        New Jersey — 4.3%       
 4.75%, 10/01/32    2,640  2,529,622  Middlesex County Improvement Authority, RB, Subordinate,     
         Heldrich Center Hotel, Series B, 6.25%, 1/01/37  645  118,654 
See Notes to Financial Statements.               
SEMI-ANNUAL REPORT      OCTOBER 31, 2009    29 


Schedule of Investments (continued)    BlackRock Strategic Municipal Trust (BSD) 
          (Percentages shown are based on Net Assets) 
      Par      Par   
Municipal Bonds      (000)  Value  Municipal Bonds  (000)         Value 
New Jersey (concluded)          Texas — 16.9%     
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24  $ 2,480 $  2,367,160  Brazos River Authority, Refunding RB, AMT:     
New Jersey State Turnpike Authority, RB, Series E,             TXU Electric Co. Project, Series C, 5.75%, 5/01/36 $  730 $  657,475 
 5.25%, 1/01/40      1,355  1,416,070       TXU Electric, Series A, 8.25%, 10/01/30  730  435,248 
        3,901,884  City of Houston Texas, Refunding RB, Combined,     
           First Lien, Series A (AGC), 6.00%, 11/15/35  2,730  3,103,355 
New York — 3.9%          Harris County-Houston Sports Authority,     
Albany Industrial Development Agency, RB, New         Refunding RB, CAB, Senior Lien, Series A (MBIA),     
 Covenant Charter School Project, Series A,         6.17%, 11/15/38 (a)  4,750  577,172 
 7.00%, 5/01/35      315  199,590  Houston Texas Airport Systems, Refunding ARB,     
New York City Industrial Development Agency, RB,         Senior Lien, Series A, 5.50%, 7/01/39  485  503,062 
 American Airlines, JFK International Airport, AMT,        La Joya ISD, Texas, GO, 5.00%, 2/15/34  4,060  4,149,280 
 7.75%, 8/01/31      3,000  2,895,810  La Vernia Higher Education Finance Corp., RB, KIPP Inc.,     
New York Liberty Development Corp., RB, Goldman         6.38%, 8/15/44 (b)  500  495,450 
 Sachs Headquarters, 5.25%, 10/01/35    465  454,928  North Texas Tollway Authority, Refunding RB, Second Tier,     
        3,550,328   Series F, 6.13%, 1/01/31  1,025  1,064,545 
North Carolina — 1.9%          State of Texas, GO, Refunding, Water Financial     
North Carolina Eastern Municipal Power Agency,         Assistance, 5.75%, 8/01/22  500  516,570 
 North Carolina, RB, Series B, 5.00%, 1/01/26    700  712,837  Texas State Turnpike Authority, RB, CAB (AMBAC),     
North Carolina Medical Care Commission, RB, Duke         6.05%, 8/15/31 (a)  15,000  3,745,050 
 University Health System, Series A (b):            15,247,207 
     5.00%, 6/01/39      200  197,858  Utah — 1.0%     
     5.00%, 6/01/42      440  431,653  City of Riverton Utah, RB, IHC Health Services Inc.,     
North Carolina Municipal Power Agency, RB, Number 1         5.00%, 8/15/41 (b)  880  852,702 
 Catawba, North Carolina, Series A, 5.00%, 1/01/30    340  342,965       
          Virginia — 3.4%     
        1,685,313  City of Norfolk Virginia, Refunding RB, Series B (AMBAC),     
Ohio — 2.5%           5.50%, 2/01/31  420  400,735 
Buckeye Tobacco Settlement Financing Authority,        University of Virginia, Refunding RB, 5.00%, 6/01/40  2,500  2,637,300 
 RB, Asset-Backed, Senior, Turbo, Series A-2,            3,038,035 
 6.50%, 6/01/47      1,880  1,514,491       
County of Montgomery Ohio, Refunding RB, Catholic        Washington — 0.7%     
 Healthcare, Series A, 5.00%, 5/01/39 (b)    800  756,424  County of King Washington, Refunding RB (FSA),     
           5.00%, 1/01/36  620  632,152 
        2,270,915       
          Wisconsin — 4.9%     
Oklahoma — 1.3%          Wisconsin Health & Educational Facilities Authority,     
Tulsa Municipal Airport Trust Trustees, Oklahoma,         RB, Ascension Health Senior Credit, Series A,     
 Refunding RB, Series A, AMT, 7.75%, 6/01/35    1,225  1,167,401   5.00%, 11/15/31  4,330  4,383,692 
Pennsylvania — 10.7%          Wyoming — 1.2%     
Allegheny County Hospital Development Authority, RB,        County of Sweetwater, Wyoming, Refunding RB, Idaho     
 Health System, West Pennsylvania, Series A,         Power Co Project, 5.25%, 7/15/26  975  1,009,028 
 5.00%, 11/15/13      1,750  1,675,870  Wyoming Municipal Power Agency, Wyoming, RB,     
Pennsylvania Economic Development Financing         Series A, 5.00%, 1/01/42  95  91,181 
 Authority, RB:               
Amtrak Project, Series A, AMT, 6.13%, 11/01/21    700  705,712      1,100,209 
Amtrak Project, Series A, AMT, 6.25%, 11/01/31    1,000  1,008,720  Total Municipal Bonds — 133.3%    120,042,557 
Amtrak Project, Series A, AMT, 6.50%, 11/01/16    1,000  1,023,080       
     Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (a)(b)  600  595,866       
     Reliant Energy, Series A-12-22-04, AMT,        Municipal Bonds Transferred to     
         6.75%, 12/01/36      2,000  2,041,740  Tender Option Bond Trusts (h)     
Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27  420  393,910       
Pennsylvania Turnpike Commission, RB, Sub-Series B,        Alabama — 0.8%     
 5.25%, 6/01/39      2,175  2,163,886  Alabama Special Care Facilities Financing Authority-     
           Birmingham, Refunding RB, Ascension Health Senior     
        9,608,784   Credit, Series C-2, 5.00%, 11/15/36  760  761,015 
Puerto Rico — 2.1%          California — 2.5%     
Puerto Rico Sales Tax Financing Corp., RB,        California Educational Facilities Authority, RB, University of     
 First Sub-Series A, 6.50%, 8/01/44    1,770  1,914,255   Southern California, Series A, 5.25%, 10/01/39  855  901,008 
South Carolina — 3.3%          Los Angeles Community College District, California, GO,     
South Carolina Jobs-EDA, RB, Palmetto Health, Series C,       Election 2001, Series A (FSA), 5.00%, 8/01/32  740  759,551 
 7.00%, 8/01/13 (c)      2,500  2,954,022  San Diego Community College District, California, GO,     
South Dakota — 1.0%           Election of 2002, 5.25%, 8/01/33  553  580,974 
South Dakota Health & Educational Facilities Authority,            2,241,533 
 South Dakota, RB, Sanford Health, 5.00%, 11/01/40  910  869,996  Colorado — 2.2%     
          Colorado Health Facilities Authority, RB, Catholic     
           Health (FSA):     
               Series C3, 5.10%, 10/01/41  1,210  1,222,463 
               Series C7, 5.00%, 9/01/36  780  786,451 
See Notes to Financial Statements.            2,008,914 
30  SEMI-ANNUAL REPORT                                               OCTOBER 31, 2009     


Schedule of Investments (concluded)    BlackRock Strategic Municipal Trust (BSD) 
          (Percentages shown are based on Net Assets) 
Municipal Bonds Transferred to    Par             
Tender Option Bond Trusts (h)    (000)  Value           
Connecticut — 3.6 %        (b) When-issued security.       
Connecticut State Health & Educational Facility Authority,               
 RB, Yale University:              Unrealized 
     Series T1, 4.70%, 7/01/29  $ 1,580 $  1,665,162       Counterparty  Value  Depreciation 
     Series X3, 4.85%, 7/01/37    1,540  1,602,924       Citibank NA  $ 629,511  $ (3,970) 
      3,268,086       JPMorgan Securities, Inc.  $ 852,702  $ (13,455) 
Illinois — 1.6%             Jeffries & Co.  $ 595,866  $ (10,008) 
Chicago New Public Housing Authority, Illinois,             Merrill Lynch & Co.  $ 261,678  $ (386) 
 Refunding RB (FSA), 5.00%, 7/01/24    1,424  1,460,883       Morgan Stanley Capital Services, Inc.  $2,202,005  $ (36,060) 
             RBC Capital  $ 371,588  $ (2,062) 
Massachusetts — 2.2%             S. Nicolaus & Co.  $ 123,862  $ (688) 
Massachusetts Water Resources Authority, Refunding RB,               
 Generation, Series A, 5.00%, 8/01/41    1,980  2,007,027  (c) US government securities, held in escrow, are used to pay interest on this security as 
New Hampshire — 0.8%             well as to retire the bond in full at the date indicated, typically at a premium to par. 
New Hampshire Health & Education Facilities Authority,      (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
 Refunding RB, Dartmouth College, 5.25%, 6/01/39    645  689,763       These securities may be resold in transactions exempt from registration to qualified 
New York — 0.6%             institutional investors.       
New York City Municipal Water Finance Authority, RB,        (e) Issuer filed for bankruptcy and/or is in default of interest payments.     
 Series FF-2, 5.50%, 6/15/40    510  552,673  (f) Non-income producing security.       
Tennessee — 1.5%        (g) Security represents a beneficial interest in a trust. The collateral deposited into the 
Shelby County Health Educational & Housing Facilities           trust is federally tax-exempt revenue bonds issued by various state or local govern- 
 Board, Refunding RB, Saint Jude’s Children’s Research           ments, or their respective agencies or authorities. The security is subject to remarket- 
 Hospital, 5.00%, 7/01/31    1,280  1,299,482       ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
Texas — 2.5%        (h) Securities represent bonds transferred to a tender option bond trust in exchange for 
County of Harris Texas, RB, Senior Lien, Toll Road,             which the Trust acquired residual interest certificates. These securities serve as col- 
 Series A, 5.00%, 8/15/38    2,140  2,201,632       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
Virginia — 3.4%             for details of municipal bonds transferred to tender option bond trusts.   
Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31  1,125  1,136,711  (i) Investments in companies considered to be an affiliate of the Trust, for purposes of 
University of Virginia, Refunding RB, 5.00%, 6/01/40    1,790  1,888,307       Section 2(a)(3) of the Investment Company Act of 1940, were as follows:   
      3,025,018           
            Net     
Washington — 3.8%             Affiliate  Activity    Income 
Central Puget Sound Regional Transportation Authority,               
 Washington, RB, Series A (FSA), 5.00%, 11/01/32    900  928,556       FFI Institutional Tax-Exempt Fund  $5,498,900  $ 5,284 
State of Washington, GO, Various Purpose, Series E,        (j) Represents the current yield as of report date.       
 5.00%, 2/01/34    2,400  2,498,592           
        Fair Value Measurements — Various inputs are used in determining the fair value of 
      3,427,148       investments, which are as follows:       
Total Municipal Bonds Transferred to             Level 1 — price quotations in active markets/exchanges for identical assets 
Tender Option Bond Trusts — 25.5%      22,943,174    and liabilities       
Total Long-Term Investments             Level 2 — other observable inputs (including, but not limited to: quoted prices for 
(Cost — $149,713,666) — 158.8%    142,985,731    similar assets or liabilities in markets that are active, quoted prices for identical 
          or similar assets or liabilities in markets that are not active, inputs other than 
          quoted prices that are observable for the assets or liabilities (such as interest 
Short-Term Securities    Shares      rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j)  5,800,097  5,800,097    default rates) or other market-corroborated inputs)     
Total Short-Term Securities             Level 3 — unobservable inputs based on the best information available in the 
(Cost — $5,800,097) — 6.4%      5,800,097    circumstances, to the extent observable inputs are not available (including the 
          Trust’s own assumptions used in determining the fair value of investments) 
Total Investments (Cost — $155,513,763*) — 165.2%  148,785,828           
Liabilities in Excess of Other Assets — (3.6)%      (3,239,095)       The inputs or methodology used for valuing securities are not necessarily an indica- 
Liability for Trust Certificates, Including Interest             tion of the risk associated with investing in those securities. For information about 
   Expense and Fees Payable — (13.9)%      (12,517,480)       the Trust’s policy regarding valuation of investments and other significant accounting 
Preferred Shares, at Redemption Value — (47.7)%      (42,977,011)       policies, please refer to Note 1 of the Notes to Financial Statements.   
Net Assets Applicable to Common Shares — 100.0%    $ 90,052,242       The following table summarizes the inputs used as of October 31, 2009 in deter- 
             mining the fair valuation of the Trust’s investments:       
* The cost and unrealized appreciation (depreciation) of investments as of October 31,           
       2009, as computed for federal income tax purposes, were as follows:          Investments in 
       Aggregate cost    $142,568,551       Valuation Inputs    Securities 
       Gross unrealized appreciation    $ 3,047,423             Assets 
       Gross unrealized depreciation      (9,336,529)       Level 1 — Short-Term Securities    $ 5,800,097 
       Net unrealized depreciation    $ (6,289,106)       Level 2 — Long-Term Investments1    142,985,731 
             Level 3       
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of       Total    $148,785,828 
       report date.                 
        1  See above Schedule of Investments for values in each state or     
          political subdivision.       
See Notes to Financial Statements.                 
                                                         SEMI-ANNUAL REPORT        OCTOBER 31, 2009      31 


Statements of Assets and Liabilities           
      BlackRock  BlackRock      BlackRock  BlackRock 
      Investment  Long-Term  BlackRock  BlackRock  Pennsylvania  Strategic 
      Quality  Municipal  Municipal  Municipal  Strategic  Municipal 
    Municipal Trust Inc.  Advantage Trust  2020 Term Trust  Income Trust  Municipal Trust  Trust 
October 31, 2009 (Unaudited)    (BKN)  (BTA)  (BKK)  (BFK)  (BPS)  (BSD) 
     Assets                 
Investments at value — unaffiliated1  $ 355,874,764  $ 227,637,202  $ 448,721,372  $ 897,474,178  $ 42,637,614  $ 142,985,731 
Investments at value — affiliated2    6,700,551  2,200,175  3,400,644  17,102,993  1,200,162  5,800,097 
Cash      93,687  84,434  36,949  29,990  92,728  51,157 
Cash collateral on financial futures contracts    215,520  108,000      25,920  69,120 
Interest receivable      5,617,266  3,973,157  7,676,267  14,841,184  695,369  2,274,953 
Investments sold receivable      290,766  65,966  115,000  403,412    85,000 
Income receivable — affiliated      215  71  180  632  25  41 
Prepaid expenses      45,372  39,289  50,918  124,733  3,311  19,211 
Other assets      46,441  10,690  37,362  141,667  3,870  8,791 
Total assets      368,884,582  234,118,984  460,038,692  930,118,789  44,658,999  151,294,101 
     Accrued Liabilities                 
Investments purchased payable    9,743,410  4,990,350  3,195,080  28,580,351  313,763  5,103,843 
Income dividends payable — Common Shares    1,381,605  767,346  1,259,730  3,482,298  129,501  510,248 
Investment advisory fees payable    111,626  77,653  201,060  439,338  23,178  77,411 
Administration fees payable      47,921           
Officer’s and Trustees’ fees payable    47,728  11,842  38,802  142,637  4,703  9,837 
Interest expense and fees payable    11,336  290,873  32  65,825  438  11,097 
Other affiliates payable        1,416  2,904  5,700  273  829 
Other accrued expenses payable    93,237  64,347  67,482  129,140  36,107  45,200 
Total accrued liabilities      11,436,863  6,203,827  4,765,090  32,845,289  507,963  5,758,465 
     Other Liabilities                 
Trust certificates3      11,137,401  84,715,000  3,750,000  68,583,502  500,000  12,506,383 
Total Liabilities      22,574,264  90,918,827  8,515,090  101,428,791  1,007,963  18,264,848 
     Preferred Shares at Redemption Value               
$25,000 per share liquidation preference, plus               
unpaid dividends4,5      125,957,367    173,861,498  270,890,746  16,325,762  42,977,011 
Net Assets Applicable to Common Shareholders  $ 220,352,951  $ 143,200,157  $ 277,662,104  $ 557,799,252  $ 27,325,274  $ 90,052,242 
     Net Assets Applicable to Common Shareholders Consist of             
Paid-in capital6,7,8    $ 235,595,564  $ 190,789,578  $ 287,184,576  $ 629,126,544  $ 28,487,095  $ 103,356,106 
Undistributed net investment income    4,298,198  2,096,277  7,216,555  9,415,169  511,714  1,357,329 
Accumulated net realized loss      (10,750,590)  (34,054,981)  (1,692,353)  (48,530,769)  (1,852,951)  (7,933,258) 
Net unrealized appreciation/depreciation    (8,790,221)  (15,630,717)  (15,046,674)  (32,211,692)  179,416  (6,727,935) 
Net Assets Applicable to Common Shareholders  $ 220,352,951  $ 143,200,157  $ 277,662,104  $ 557,799,252  $ 27,325,274  $ 90,052,242 
Net asset value per Common Share.  $ 13.00  $ 10.73  $ 13.72  $ 12.59  $ 13.50  $ 12.35 
     1 Investments at cost — unaffiliated  $ 364,664,985  $ 243,267,919  $ 463,768,046  $ 929,685,870  $ 42,458,198  $ 149,713,666 
     2 Investments at cost — affiliated  $ 6,700,551  $ 2,200,175  $ 3,400,644  $ 17,102,993  $ 1,200,162  $ 5,800,097 
     3 Represents short-term floating rate certificates               
issued by tender option bond trusts.               
     4 Preferred Shares outstanding, par value $0.001               
per share      5,038    6,954  10,835  653  1,719 
     5 Preferred Shares authorized    5,862    Unlimited  Unlimited  Unlimited  Unlimited 
     6 Par value per Common Share  $ 0.01  $ 0.001  $ 0.001  $ 0.001  $ 0.001  $ 0.001 
     7 Common Shares outstanding    16,952,209  13,345,152  20,236,628  44,304,048  2,023,459  7,289,261 
     8 Common Shares authorized    200 Million  Unlimited  Unlimited  Unlimited  Unlimited  Unlimited 
See Notes to Financial Statements.               
32  SEMI-ANNUAL REPORT        OCTOBER 31, 2009     


Statements of Operations               
  BlackRock  BlackRock      BlackRock  BlackRock 
  Investment  Long-Term  BlackRock  BlackRock  Pennsylvania  Strategic 
           Quality  Municipal  Municipal  Municipal  Strategic  Municipal 
  Municipal Trust Inc.  Advantage Trust  2020 Term Trust  Income Trust  Municipal Trust         Trust 
Six Months Ended October 31, 2009 (Unaudited)           (BKN)         (BTA)         (BKK)         (BFK)    (BPS)         (BSD) 
     Investment Income               
Interest  $ 10,372,659  $ 5,986,924  $ 12,635,227  $ 26,212,488  $ 1,122,357  $ 4,198,107 
Income — affiliated  18,481  5,379  7,362  27,189    320  5,739 
Total income  10,391,140  5,992,303  12,642,589  26,239,677    1,122,677  4,203,846 
     Expenses               
Investment advisory  616,789  693,939  1,114,565  2,621,786    129,461  428,090 
Administration  264,337             
Commissions for Preferred Shares  94,092    126,440  200,788    10,570  30,523 
Accounting services  32,633  21,894  31,993  62,475    2,063  14,189 
Professional  26,746  20,580  26,707  45,738    18,145  24,341 
Printing  24,030  11,207  32,023  59,481    3,982  10,994 
Officer and Trustees  19,387  9,893  20,646  49,768    2,315  6,650 
Transfer agent  18,409  5,688  15,318  21,706    21,796  9,555 
Custodian  10,486  6,949  12,040  22,068    2,476  4,679 
Registration  4,759  4,514  4,452  7,713    410  4,392 
Miscellaneous  36,444  20,826  30,906  63,697    12,952  17,898 
Total expenses excluding interest expense and fees  1,148,112  795,490  1,415,090  3,155,220    204,170  551,311 
Interest expense and fees1  33,973  450,626  11,319  148,951    1,107  25,688 
Total expenses  1,182,085  1,246,116  1,426,409  3,304,171    205,277  576,999 
Less fees waived by advisor  (7,501)  (279,876)  (2,680)  (335,327)    (1,214)  (2,936) 
Total expenses after fees waived  1,174,584  966,240  1,423,729  2,968,844    204,063  574,063 
Net investment income  9,216,556  5,026,063  11,218,860  23,270,833    918,614  3,629,783 
     Realized and Unrealized Gain (Loss)               
Net realized gain (loss) from:               
   Investments  (1,214,375)  (4,818,330)  661,933  (4,533,202)    (302,629)  (1,766,883) 
   Financial futures contracts  (20,793)  (72,394)    783,056    15,072  47,203 
  (1,235,168)  (4,890,724)  661,933  (3,750,146)    (287,557)  (1,719,680) 
Change in unrealized appreciation/depreciation               
   on investments  23,268,143  20,456,932  30,215,774  83,687,222    3,367,365  11,430,362 
Total realized and unrealized gain  22,032,975  15,566,208  30,877,707  79,937,076    3,079,808  9,710,682 
     Dividends to Preferred Shareholders From               
Net investment income  (329,664)    (447,238)  (720,090)    (42,683)  (116,020) 
Net Increase in Net Assets Applicable to Common               
   Shareholders Resulting from Operations  $ 30,919,867  $ 20,592,271  $ 41,649,329  $ 102,487,819  $ 3,955,739  $ 13,224,445 
   1 Related to tender option bond trusts.               
See Notes to Financial Statements.               
                                                         SEMI-ANNUAL REPORT        OCTOBER 31, 2009    33 


Statements of Changes in Net Assets           
    BlackRock Investment Quality Municipal Trust Inc. (BKN)  BlackRock Long-Term Municipal Advantage Trust (BTA) 
      Six Months  Period    Six Months  Period   
      Ended  November 1,    Ended  November 1,   
      October 31,  2008     Year Ended  October 31,  2008     Year Ended 
      2009  to April 30,  October 31,  2009  to April 30,     October 31, 
Increase (Decrease) in Net Assets:    (Unaudited)  2009  2008  (Unaudited)  2009  2008 
     Operations                 
Net investment income    $ 9,216,556  $ 8,544,311  $ 18,150,327  $ 5,026,063  $ 4,504,862  $ 10,760,652 
Net realized loss      (1,235,168)  (4,525,056)  (4,205,572)  (4,890,724)  (6,911,767)  (22,180,142) 
Net change in unrealized appreciation/depreciation    23,268,143  20,121,215  (62,760,434)  20,456,932  19,507,695  (48,552,418) 
Dividends to Preferred Shareholders from               
   net investment income      (329,664)  (776,524)  (5,278,893)       
Net increase (decrease) in net assets applicable to               
Common Shareholders resulting from operations    30,919,867  23,363,946  (54,094,572)  20,592,271  17,100,790  (59,971,908) 
     Dividends to Common Shareholders From               
Net investment income      (7,665,264)  (6,741,319)  (15,020,485)  (4,470,626)  (4,403,900)  (8,807,800) 
     Capital Share Transactions               
Reinvestment of common dividends    287,284    2,031,105       
     Net Assets Applicable to Common Shareholders               
Total increase (decrease) in net assets    23,541,887  16,622,627  (67,083,952)  16,121,645  12,696,890  (68,779,708) 
Beginning of period      196,811,064  180,188,437  247,272,389  127,078,512  114,381,622  183,161,330 
End of period    $ 220,352,951  $ 196,811,064  $ 180,188,437  $ 143,200,157  $ 127,078,512  $ 114,381,622 
Undistributed net investment income  $ 4,298,198  $ 3,076,570  $ 2,054,424  $ 2,096,277  $ 1,540,840  $ 1,424,388 
      BlackRock Municipal 2020 Term Trust (BKK)  BlackRock Municipal income Trust (BFK) 
      Six Months  Period    Six Months  Period   
      Ended  January 1,    Ended  November 1,   
      October 31,  2009     Year Ended  October 31,  2008     Year Ended 
      2009  to April 30,  December 31,  2009  to April 30,     October 31, 
Increase (Decrease) in Net Assets:    (Unaudited)  2009  2008  (Unaudited)  2009  2008 
     Operations                 
Net investment income    $ 11,218,860  $ 7,064,504  $ 22,005,731  $ 23,270,833  $ 22,838,597  $ 49,640,897 
Net realized gain (loss)      661,933  48,391  54,030  (3,750,146)  (2,136,165)  (9,708,923) 
Net change in unrealized appreciation/depreciation    30,215,774  28,473,603  (86,853,534)  83,687,222  28,233,438  (184,440,555) 
Dividends to Preferred Shareholders from               
   net investment income      (447,238)  (448,388)  (5,989,683)  (720,090)  (1,535,815)  (13,027,692) 
Net increase (decrease) in net assets applicable to               
Common Shareholders resulting from operations    41,649,329  35,138,110  (70,783,456)  102,487,819  47,400,055  (157,536,273) 
     Dividends to Common Shareholders From               
Net investment income      (7,558,381)  (5,038,920)  (15,116,761)  (20,435,847)  (18,194,578)  (40,311,763) 
     Capital Share Transactions               
Reinvestment of common dividends          933,743  319,545  2,155,812 
     Net Assets Applicable to Common Shareholders               
Total increase (decrease) in net assets    34,090,948  30,099,190  (85,900,217)  82,985,715  29,525,022  (195,692,224) 
Beginning of period      243,571,156  213,471,966  299,372,183  474,813,537  445,288,515  640,980,739 
End of period    $ 277,662,104  $ 243,571,156  $ 213,471,966  $ 557,799,252  $ 474,813,537  $ 445,288,515 
Undistributed net investment income  $ 7,216,555  $ 4,003,314  $ 2,426,118  $ 9,415,169  $ 7,300,273  $ 4,201,196 
See Notes to Financial Statements.               
34  SEMI-ANNUAL REPORT        OCTOBER 31, 2009     


Statements of Changes in Net Assets (concluded)         
  BlackRock Pennsylvania Strategic Municipal Trust (BPS)  BlackRock Strategic Municipal Trust (BSD) 
    Six Months  Period      Six Months  Period   
    Ended  January 1,      Ended  January 1,   
    October 31,  2009  Year Ended  October 31,  2009  Year Ended 
    2009  to April 30,  December 31,  2009  to April 30,  December 31, 
Increase (Decrease) in Net Assets:    (Unaudited)  2009     2008  (Unaudited)  2009  2008 
     Operations                 
Net investment income  $ 918,614  $ 540,466  $ 1,801,648  $ 3,629,783  $ 2,354,066  $ 7,433,389 
Net realized loss    (287,557)  (220,388)    (1,066,925)  (1,719,680)  (202,367)  (4,074,584) 
Net change in unrealized appreciation/depreciation    3,367,365  2,311,593    (5,698,117)  11,430,362  7,424,734  (27,351,787) 
Dividends to Preferred Shareholders from net                 
investment income    (42,683)  (42,935)    (573,868)  (116,020)  (121,851)  (1,866,936) 
Net increase (decrease) in net assets applicable to                 
   Common Shareholders resulting from operations    3,955,739  2,588,736    (5,537,262)  13,224,445  9,454,582  (25,859,918) 
     Dividends to Common Shareholders From                 
Net investment income    (653,577)  (364,223)    (1,244,164)  (3,006,554)  (1,822,006)  (5,920,231) 
     Capital Share Transactions                 
Reinvestment of common dividends          19,724  14,173    86,152 
     Net Assets Applicable to Common Shareholders                 
Total increase (decrease) in net assets    3,302,162  2,224,513    (6,761,702)  10,232,064  7,632,576  (31,693,997) 
Beginning of period    24,023,112  21,798,599    28,560,301  79,820,178  72,187,602  103,881,599 
End of period  $ 27,325,274  $ 24,023,112  $ 21,798,599  $ 90,052,242  $ 79,820,178  $ 72,187,602 
Undistributed net investment income  $ 511,714  $ 289,360  $ 156,046  $ 1,357,329  $ 850,120  $ 444,294 
See Notes to Financial Statements.                 
                                                         SEMI-ANNUAL REPORT           OCTOBER 31, 2009  35 


Statement of Cash Flows  BlackRock Long-Term Municipal Advantage Trust (BTA) 
Six Months Ended October 31, 2009 (Unaudited)     
     Cash Used for Operating Activities     
Net increase in net assets resulting from operations  $ 20,592,271 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:   
   Decrease in interest receivable    73,219 
   Increase in other assets      (2,501) 
   Increase in income receivable — affiliated    (10) 
   Increase in investment advisory fees payable    16,857 
   Decrease in interest expense and fees payable    (257,667) 
   Increase in other affiliates payable    639 
   Decrease in accrued expenses payable    (18,968) 
   Increase in Officer’s and Trustees’ fees payable    2,790 
   Net realized and unrealized gain    (15,638,602) 
   Amortization of premium and discount on investments    217,314 
   Cash held as collateral      (108,000) 
Proceeds from sales and paydowns of long-term investments    46,398,151 
Purchases of long-term investments    (51,591,175) 
Net purchases of short-term securities    (799,990) 
Cash used for operating activities    (1,115,672) 
     Cash Provided by Financing Activities     
Cash receipts from trust certificates    8,105,000 
Cash payments from trust certificates    (2,525,000) 
Cash dividends paid to Common Shareholders    (4,437,263) 
Cash provided by financing activities    1,142,737 
     Cash       
Net increase in cash      27,065 
Cash at beginning of period      57,369 
Cash at end of period    $ 84,434 
     Cash Flow Information       
Cash paid during the period for interest  $ 708,293 
       A Statement of Cash Flows is presented when a Trust had a significant amount of borrowing during the period based on the average borrowing outstanding   
       in relation to total assets.       
See Notes to Financial Statements.     
36  SEMI-ANNUAL REPORT       OCTOBER 31, 2009   


Financial Highlights          BlackRock Investment Quality Municipal Trust Inc. (BKN) 
  Six Months  Period               
    Ended  November 1,               
  October 31,  2008 to               
    2009  April 30,      Year Ended October 31,     
  (Unaudited)  2009  2008    2007  2006    2005  2004 
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 11.63  $ 10.64  $ 14.73  $ 15.79  $ 15.59  $ 15.71  $ 15.28 
Net investment income    0.541  0.501  1.081  1.08  1.10    1.14  1.17 
Net realized and unrealized gain (loss)    1.32  0.94  (3.97)    (0.79)  0.44    (0.11)  0.26 
Dividends to Preferred Shareholders from                     
   net investment income    (0.02)  (0.05)  (0.31)    (0.32)  (0.28)    (0.19)  (0.09) 
Net increase (decrease) from investment operations    1.84  1.39  (3.20)    (0.03)  1.26    0.84  1.34 
Dividends to Common Shareholders from                     
   net investment income    (0.47)  (0.40)  (0.89)    (1.03)  (1.06)    (0.96)  (0.91) 
Net asset value, end of period  $ 13.00  $ 11.63  $ 10.64  $ 14.73  $ 15.79  $ 15.59  $ 15.71 
Market price, end of period  $ 13.56  $ 11.35  $ 10.25  $ 16.35  $ 18.97  $ 16.62  $ 15.12 
     Total Investment Return2                     
Based on net asset value    15.88%3  13.63%3  (22.93)%    (0.95)%  7.38%    5.34%  9.48% 
Based on market price    23.85%3  15.12%3  (33.11)%    (8.49)%  21.06%    16.68%  12.91% 
     Ratios to Average Net Assets Applicable to Common Shareholders                 
Total expenses4    1.11%5  1.29%5  1.19%    1.08%  1.09%    1.08%  1.08% 
Total expenses after fees waived and before fees                     
   paid indirectly4    1.10%5  1.28%5  1.19%    1.07%  1.09%    1.08%  1.08% 
Total expenses after fees waived and paid indirectly4    1.10%5  1.28%5  1.17%    1.07%  1.09%    1.08%  1.08% 
Total expenses after fees waived and paid indirectly                     
   and excluding interest expense and fees4,6    1.07%5  1.20%5  1.07%    1.07%  1.09%    1.08%  1.08% 
Net investment income4    8.64%5  9.53%5  7.84%    7.06%  7.09%    7.21%  7.59% 
Dividends to Preferred Shareholders    0.31%5  0.87%5  2.28%    2.07%  1.81%    1.17%  0.60% 
Net investment income to Common Shareholders    8.33%5  8.66%5  5.56%    4.99%  5.28%    6.04%  9.66% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                     
   end of period (000)  $ 220,353  $ 196,811  $ 180,188  $ 247,272  $ 263,878  $ 260,494  $ 262,475 
Preferred Shares outstanding at $25,000 liquidation                     
   preference, end of period (000)  $ 125,950  $ 126,950  $ 126,950  $ 146,550  $ 146,550  $ 146,550  $ 146,550 
Portfolio turnover    22%  26%  26%    17%  82%    77%  52% 
Asset coverage per Preferred Share at $25,000 liquidation                     
   preference, end of period  $ 68,740  $ 63,762  $ 60,495  $ 67,185  $ 70,054  $ 69,465  $ 69,790 
   1 Based on average shares outstanding.                     
   2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.                     
   4 Do not reflect the effect of dividends to Preferred Shareholders.                   
   5 Annualized.                     
   6 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option 
       bond trusts.                     
See Notes to Financial Statements.                     
                                                         SEMI-ANNUAL REPORT            OCTOBER 31, 2009    37 


Financial Highlights    BlackRock Long-Term Municipal Advantage Trust (BTA) 
    Six Months  Period      Period 
    Ended  November 1,      February 28, 
    October 31,  2008 to                 Year Ended  20061 to 
                     October 31,   
    2009  April 30,      October 31, 
    (Unaudited)  2009  2008  2007  2006 
     Per Share Operating Performance           
Net asset value, beginning of period  $ 9.52  $ 8.57  $ 13.72  $ 14.89  $ 14.332 
Net investment income    0.383  0.343  0.813  0.70  0.45 
Net realized and unrealized gain (loss)  1.17  0.94  (5.30)  (1.15)  0.62 
Net increase (decrease) from investment operations  1.55  1.28  (4.49)  (0.45)  1.07 
Dividends from net investment income  (0.34)  (0.33)  (0.66)  (0.72)  (0.48) 
Capital charges with respect to issuance of Common Shares          (0.03) 
Net asset value, end of period    $ 10.73  $ 9.52  $ 8.57  $ 13.72  $ 14.89 
Market price, end of period    $ 9.88  $ 8.79  $ 8.40  $ 12.14  $ 14.70 
     Total Investment Return4             
Based on net asset value    16.69%5  15.78%5  (33.64)%  (2.93)%  7.48%5 
Based on market price    16.37%5  9.06%5  (26.49)%  (13.00)%  1.40%5 
     Ratios to Average Net Assets           
Total expenses    1.80%6  2.95%6  4.00%  4.69%  4.55%6 
Total expenses after fees waived and before fees paid indirectly  1.39%6  2.55%6  3.60%  4.29%  4.14%6 
Total expenses after fees waived and paid indirectly  1.39%6  2.55%6  3.60%  4.29%  4.11%6 
Total expenses after fees waived and paid indirectly and excluding interest expense           
   and fees7    0.74%6  0.82%6  0.83%  0.89%  0.97%6 
Net investment income    7.24%6  7.88%6  6.56%  4.87%  4.79%6 
     Supplemental Data             
Net assets, end of period (000)  $ 143,200  $ 127,079  $ 114,382  $ 183,161  $ 198,137 
Portfolio turnover    21%  15%  16%  39%  20% 
   1 Commencement of operations. This information includes the initial investment of BlackRock Funding, Inc.         
   2 Net asset value, beginning of period, reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share.     
   3 Based on average shares outstanding.           
   4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.       
   5 Aggregate total investment return.           
   6 Annualized.             
   7 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option 
       bond trusts.             
See Notes to Financial Statements.           
38  SEMI-ANNUAL REPORT    OCTOBER 31, 2009     


Financial Highlights          BlackRock Municipal 2020 Term Trust (BKK) 
  Six Months  Period             
    Ended  January 1,             
  October 31,  2009 to             
    2009  April 30,    Year Ended December 31,     
  (Unaudited)  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance                   
Net asset value, beginning of period  $ 12.04  $ 10.55  $ 14.79  $ 15.77  $ 15.28  $ 14.85  $ 14.51 
Net investment income    0.551  0.351  1.091  1.12  1.10    1.11  1.10 
Net realized and unrealized gain (loss)    1.52  1.41  (4.28)  (0.97)  0.48    0.39  0.28 
Dividends to Preferred Shareholders from                   
   net investment income    (0.02)  (0.02)  (0.30)  (0.33)  (0.29)    (0.20)  (0.10) 
Net increase (decrease) from investment operations    2.05  1.74  (3.49)  (0.18)  1.29    1.30  1.28 
Dividends to Common Shareholders from                   
   net investment income    (0.37)  (0.25)  (0.75)  (0.80)  (0.80)    (0.87)  (0.94) 
Net asset value, end of period  $ 13.72  $ 12.04  $ 10.55  $ 14.79  $ 15.77  $ 15.28  $ 14.85 
Market price, end of period  $ 14.47  $ 12.70  $ 10.57  $ 13.60  $ 15.77  $ 14.00  $ 15.02 
     Total Investment Return2                   
Based on net asset value    17.08%3  16.39%3  (24.57)%  (1.16)%  8.72%    8.98%  8.98% 
Based on market price    17.06%3  22.54%3  (17.81)%  (9.11)%  18.66%    (1.28)%  6.63% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4    1.07%5  1.23%5  1.12%  1.06%  1.07%    1.09%  1.09% 
Total expenses after fees waived and paid indirectly4    1.06%5  1.23%5  1.12%  1.05%  1.07%    1.08%  1.09% 
Total expenses after fees waived and paid indirectly and                   
   excluding interest expense and fees4,6    1.06%5  1.21%5  1.10%  1.05%  1.07%    1.08%  1.09% 
Net investment income4    8.44%5  9.28%5  8.01%  7.27%  7.09%    7.27%  7.67% 
Dividends to Preferred Shareholders    0.34%5  0.59%5  2.18%  2.14%  1.89%    1.34%  0.72% 
Net investment income to Common Shareholders    8.10%5  8.69%5  5.83%  5.13%  5.20%    5.93%  6.95% 
     Supplemental Data                   
Net assets applicable to Common Shareholders,                   
   end of period (000)  $ 277,662  $ 243,571  $ 213,472  $ 299,372  $ 319,131  $ 309,146  $ 300,518 
Preferred Shares outstanding at $25,000 liquidation                   
   preference, end of period (000)  $ 173,850  $ 173,850  $ 173,850  $ 177,600  $ 177,600  $ 177,600  $ 177,600 
Portfolio turnover    4%  1%  5%  4%  12%    14%  51% 
Asset coverage per Preferred Share at $25,000 liquidation                   
   preference, end of period  $ 64,930  $ 60,027  $ 55,703  $ 67,154  $ 69,937  $ 68,527  $ 67,307 
   1 Based on average shares outstanding.                   
   2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.                   
   4 Do not reflect the effect of dividends to Preferred Shareholders.                 
   5 Annualized.                   
   6 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option 
       bond trusts.                   
See Notes to Financial Statements.                   
                                                         SEMI-ANNUAL REPORT          OCTOBER 31, 2009    39 


Financial Highlights            BlackRock Municipal Income Trust (BFK) 
    Six Months  Period             
      Ended  November 1,             
    October 31,  2008 to             
      2009  April 30,    Year Ended October 31,     
    (Unaudited)  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance                   
Net asset value, beginning of period  $ 10.74  $ 10.08  $ 14.55  $ 15.37  $ 14.71  $ 14.26  $ 13.87 
Net investment income      0.531  0.521  1.121  1.11  1.14    1.18  1.19 
Net realized and unrealized gain (loss)    1.80  0.58  (4.38)  (0.63)  0.78    0.43  0.26 
Dividends and distributions to Preferred Shareholders from:                   
   Net investment income      (0.02)  (0.03)  (0.30)  (0.31)  (0.27)    (0.18)  (0.09) 
   Net realized gain                       (0.00)2         
Net increase (decrease) from investment operations    2.31  1.07  (3.56)  0.17  1.65    1.43  1.36 
Dividends and distributions to Common Shareholders from:                   
   Net investment income      (0.46)  (0.41)  (0.91)  (0.99)  (0.99)    (0.98)  (0.97) 
   Net realized gain                       (0.00)2         
Total dividends and distributions to Common Shareholders    (0.46)  (0.41)  (0.91)  (0.99)  (0.99)    (0.98)  (0.97) 
Net asset value, end of period    $ 12.59  $ 10.74  $ 10.08  $ 14.55  $ 15.37  $ 14.71  $ 14.26 
Market price, end of period    $ 12.50  $ 11.10  $ 8.75  $ 15.92  $ 17.30  $ 15.69  $ 14.05 
     Total Investment Return3                     
Based on net asset value      21.79%4  11.15%4  (25.69)%  0.70%  11.24%    10.21%  10.29% 
Based on market price      16.99%4  32.34%4  (41.05)%  (2.11)%  17.39%    19.31%  10.01% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses5      1.25%6  1.44%6  1.38%  1.18%  1.21%    1.22%  1.23% 
Total expenses after fees waived and paid indirectly5    1.12%6  1.26%6  1.15%  0.88%  0.83%    0.83%  0.83% 
Total expenses after fees waived and paid indirectly and                   
   excluding interest expense and fees5,7    1.07%6  1.15%6  0.98%  0.88%  0.83%    0.83%  0.83% 
Net investment income5      8.80%6  10.48%6  8.34%  7.43%  7.65%    7.97%  8.44% 
Dividends to Preferred Shareholders    0.27%6  0.70%6  2.19%  2.04%  1.83%    1.23%  0.63% 
Net investment income to Common Shareholders    8.53%6  9.78%6  6.15%  5.39%  5.82%    6.74%  7.81% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                   
   end of period (000)    $ 557,799  $ 474,814  $ 445,289  $ 640,981  $ 674,080  $ 642,047  $ 621,648 
Preferred Shares outstanding at $25,000 liquidation                   
   preference, end of period (000)  $ 270,875  $ 293,125  $ 293,125  $ 375,125  $ 375,125  $ 375,125  $ 375,125 
Portfolio turnover      12%  11%  13%  17%  77%    68%  59% 
Asset coverage per Preferred Share at $25,000 liquidation                   
   preference, end of period    $ 76,483  $ 65,498  $ 62,989  $ 67,727  $ 69,933  $ 67,797  $ 66,435 
   1 Based on average shares outstanding.                   
   2 Amount is less than $(0.01) per share.                   
   3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   4 Aggregate total investment return.                   
   5 Do not reflect the effect of dividends to Preferred Shareholders.                 
   6 Annualized.                     
   7 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option 
       bond trusts.                     
See Notes to Financial Statements.                   
40  SEMI-ANNUAL REPORT          OCTOBER 31, 2009       


Financial Highlights          BlackRock Pennsylvania Strategic Municipal Trust (BPS) 
  Six Months  Period             
    Ended  January 1,             
  October 31,  2009 to             
    2009  April 30,    Year Ended December 31,     
  (Unaudited)  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance                   
Net asset value, beginning of period  $ 11.87  $ 10.77  $ 14.12  $ 15.01  $ 15.27  $ 15.81  $ 16.09 
Net investment income    0.451  0.271  0.891  0.99  1.02    0.97  1.07 
Net realized and unrealized gain (loss)    1.52  1.03  (3.36)  (0.74)  (0.09)    (0.42)  (0.37) 
Dividends to Preferred Shareholders from                   
   net investment income    (0.02)  (0.02)  (0.26)  (0.31)  (0.28)    (0.19)  (0.09) 
Net increase (decrease) from investment operations    1.95  1.28  (2.73)  (0.06)  0.65    0.36  0.61 
Dividends to Common Shareholders from                   
   net investment income    (0.32)  (0.18)  (0.62)  (0.83)  (0.91)    (0.90)  (0.89) 
Net asset value, end of period  $ 13.50  $ 11.87  $ 10.77  $ 14.12  $ 15.01  $ 15.27  $ 15.81 
Market price, end of period  $ 11.92  $ 9.85  $ 8.42  $ 13.55  $ 17.43  $ 15.85  $ 15.70 
     Total Investment Return2                   
Based on net asset value    16.96%3  12.28%3  (19.63)%  (0.82)%  4.09%    2.39%  4.21% 
Based on market price    24.45%3  19.18%3  (34.53)%  (18.04)%  16.45%    7.02%  10.12% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4    1.57%5  1.63%6  1.61%  1.55%  1.51%    1.52%  1.47% 
Total expenses after fees waived and before fees                   
   paid indirectly4    1.57%5  1.61%6  1.45%  1.37%  1.28%    1.21%  1.08% 
Total expenses after fees waived and paid indirectly4    1.57%5  1.61%6  1.45%  1.35%  1.23%    1.13%  1.03% 
Total expenses after fees waived and paid indirectly                   
   and excluding interest expense and fees4,7    1.56%5  1.61%6  1.42%  1.35%  1.23%    1.13%  1.03% 
Net investment income4    7.05%5  7.38%6  6.82%  6.82%  6.73%    6.28%  6.74% 
Dividends to Preferred Shareholders    0.33%5  0.56%5  2.17%  2.10%  1.85%    1.22%  0.59% 
Net investment income to Common Shareholders    6.72%5  6.82%6  4.65%  4.72%  4.88%    5.06%  6.15% 
     Supplemental Data                   
Net assets applicable to Common Shareholders,                   
   end of period (000)  $ 27,325  $ 24,023  $ 21,799  $ 28,560  $ 30,306  $ 30,801  $ 31,857 
Preferred Shares outstanding at $25,000 liquidation                   
   preference, end of period (000)  $ 16,325  $ 16,825  $ 16,825  $ 17,500  $ 17,500  $ 17,500  $ 17,500 
Portfolio turnover    15%  8%  45%  41%  7%    8%  5% 
Asset coverage per Preferred Share at $25,000 liquidation                   
   preference, end of period  $ 66,847  $ 60,696  $ 57,399  $ 65,817  $ 68,305  $ 69,008  $ 70,513 
   1 Based on average shares outstanding.                   
   2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.                   
   4 Do not reflect the effect of dividends to Preferred Shareholders.                 
   5 Annualized.                   
   6 Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized, 
       the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees 
       waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%, 
       1.89%, 1.89%, 7.09% and 6.53%, respectively.                   
   7 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option 
       bond trusts.                   
See Notes to Financial Statements.                   
                                                         SEMI-ANNUAL REPORT          OCTOBER 31, 2009    41 


Financial Highlights            BlackRock Strategic Municipal Trust (BSD) 
    Six Months  Period             
      Ended  January 1,             
    October 31,  2009 to             
      2009  April 30,    Year Ended December 31,     
    (Unaudited)  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance                   
Net asset value, beginning of period  $ 10.95  $ 9.90  $ 14.27  $ 15.64  $ 15.68  $ 15.70  $ 15.91 
Net investment income      0.501  0.321  1.021  1.07  1.07    1.14  1.26 
Net realized and unrealized gain (loss)    1.33  1.00  (4.32)  (1.10)  0.28    0.07  0.41 
Dividends to Preferred Shareholders from                   
   net investment income      (0.02)  (0.02)  (0.26)  (0.32)  (0.29)    (0.20)  (0.10) 
Net increase (decrease) from investment operations    1.81  1.30  (3.56)  (0.35)  1.06    1.01  0.75 
Dividends to Common Shareholders from                   
   net investment income      (0.41)  (0.25)  (0.81)  (1.02)  (1.10)    (1.03)  (0.96) 
Net asset value, end of period    $ 12.35  $ 10.95  $ 9.90  $ 14.27  $ 15.64  $ 15.68  $ 15.70 
Market price, end of period    $ 11.83  $ 10.15  $ 8.19  $ 13.96  $ 18.69  $ 17.14  $ 14.52 
     Total Investment Return2                     
Based on net asset value      16.91%3  13.44%3  (25.70)%  (2.82)%  6.38%    6.67%  5.41% 
Based on market price      20.81%3  27.11%3  (37.17)%  (20.44)%  16.29%    26.08%  5.59% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4      1.34%5  1.49%6  1.54%  1.30%  1.31%    1.29%  1.28% 
Total expenses after fees waived and before fees                   
   paid indirectly4      1.33%5  1.48%6  1.45%  1.14%  1.07%    0.98%  0.90% 
Total expenses after fees waived and paid indirectly4    1.33%5  1.48%6  1.45%  1.13%  1.04%    0.97%  0.89% 
Total expenses after fees waived and paid indirectly                   
   and excluding interest expense and fees4,7    1.27%5  1.40%6  1.23%  1.13%  1.04%    0.97%  0.89% 
Net investment income4      8.42%5  9.48%6  8.04%  7.12%  6.89%    7.23%  8.04% 
Dividends to Preferred Shareholders    0.27%5  0.49%5  2.02%  2.12%  1.83%    1.26%  0.62% 
Net investment income to Common Shareholders    8.15%5  8.99%6  6.02%  5.00%  5.06%    5.97%  7.42% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                   
   end of period (000)    $ 90,052  $ 79,820  $ 72,188  $ 103,882  $ 113,697  $ 113,684  $ 113,686 
Preferred Shares outstanding at $25,000 liquidation                   
   preference, end of period (000)  $ 42,975  $ 47,750  $ 47,750  $ 62,000  $ 62,000  $ 62,000  $ 62,000 
Portfolio turnover      18%  6%  17%  21%  71%    96%  23% 
Asset coverage per Preferred Share at $25,000 liquidation                   
   preference, end of period    $ 77,388  $ 66,791  $ 62,803  $ 66,904  $ 78,856  $ 70,847  $ 70,844 
   1 Based on average shares outstanding.                   
   2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, 
       total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.         
   3 Aggregate total investment return.                   
   4 Do not reflect the effect of dividends to Preferred Shareholders.                 
   5 Annualized.                     
   6 Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized, 
       the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees 
       waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%, 
       1.89%, 1.89%, 7.09% and 6.53%, respectively.                   
   7 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option 
       bond trusts.                     
See Notes to Financial Statements.                   
42  SEMI-ANNUAL REPORT          OCTOBER 31, 2009       


Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock Investment Quality Municipal Trust Inc. (“BKN”) is organized
as a Maryland corporation. BlackRock Long-Term Municipal Advantage
Trust (“BTA”), BlackRock Municipal 2020 Term Trust (“BKK”), BlackRock
Municipal Income Trust (“BFK”), BlackRock Pennsylvania Strategic
Municipal Trust (“BPS”) and BlackRock Strategic Municipal Trust (“BSD”)
(collectively, the “Trusts” or individually as the “Trust”) are organized as
Delaware statutory trusts. BKN, BKK, BFK and BSD are registered under
the Investment Company Act of 1940, as amended (the “1940 Act”), as
diversified, closed-end management investment companies. BTA and BPS
are registered under the 1940 Act as non-diversified, closed-end manage-
ment investment companies. The Trusts’ financial statements are prepared
in conformity with accounting principles generally accepted in the United
States of America, which may require the use of management accruals and
estimates. Actual results may differ from these estimates. The Board of
Directors and the Board of Trustees of the Trusts are referred to throughout
this report as the “Board of Trustees” or the “Board.” Each Trust determines,
and makes available for publication the net asset value of its Common
Shares on a daily basis.

The following is a summary of significant accounting policies followed by
the Trusts:

Valuation: Municipal investments (including commitments to purchase
such investments on a “when-issued” basis) are valued on the basis of
prices provided by dealers or pricing services selected under the super-
vision of each Trust’s Board. In determining the value of a particular
investment, pricing services may use certain information with respect to
transactions in such investments, quotations from dealers, pricing matrixes,
market transactions in comparable investments and information with
respect to various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Short-
term securities with maturities less than 60 days may be valued at
amortized cost, which approximates fair value. Investments in open-end
investment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment or is not available, the investment will be
valued by a method approved by each Trust’s Board as reflecting fair value
(“Fair Value Assets”). When determining the price for Fair Value Assets, the
investment advisor and/or sub-advisor seeks to determine the price that
each Trust might reasonably expect to receive from the current sale of that
asset in an arm’s length transaction. Fair value determinations shall be
based upon all available factors that the investment advisor and/or sub-
advisor deems relevant. The pricing of all Fair Value Assets is subsequently
reported to the Board or a committee thereof.

Forward Commitments and When-Issued Delayed Delivery Securities: Each
Trust may purchase securities on a when-issued basis and may purchase
or sell securities on a forward commitment basis. Settlement of such trans-
actions normally occurs within a month or more after the purchase or sale

commitment is made. The Trusts may purchase securities under such con-
ditions with the intention of actually acquiring them, but may enter into a
separate agreement to sell the securities before the settlement date. Since
the value of securities purchased may fluctuate prior to settlement, the
Trusts may be required to pay more at settlement than the security is worth.
In addition, the purchaser is not entitled to any of the interest earned prior
to settlement. When purchasing a security on a delayed-delivery basis, the
Trusts assume the rights and risks of ownership of the security, including
the risk of price and yield fluctuations. In the event of default by the coun-
terparty, the Trusts’ maximum amount of loss is the unrealized gain of the
commitment, which is shown on the Schedules of Investments, if any.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts
leverage their assets through the use of tender option bond trusts (“TOBs”).
A TOB is established by a third party sponsor forming a special purpose
entity, into which one or more funds, or an agent on behalf of the funds,
transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Trust has con-
tributed securities. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (“TOB Residuals”), which are generally issued to
the participating funds that made the transfer. The TOB Residuals held by
a Trust include the right of the Trust (1) to cause the holders of a propor-
tional share of the floating rate certificates to tender their certificates at
par, and (2) to transfer, within seven days, a corresponding share of the
municipal bonds from the TOB to the Trust. The TOB may also be terminated
without the consent of the Trust upon the occurrence of certain events as
defined in the TOB agreements. Such termination events may include the
bankruptcy or default of the municipal bond, a substantial downgrade in
credit quality of the municipal bond, the inability of the TOB to obtain quar-
terly or annual renewal of the liquidity support agreement, a substantial
decline in market value of the municipal bond or the inability to remarket
the short-term floating rate certificates to third party investors.

The cash received by the TOB from the sale of the short-term floating rate
certificates, less transaction expenses, is paid to the Trust, which typically
invests the cash in additional municipal bonds. Each Trust’s transfer of the
municipal bonds to a TOB is accounted for as a secured borrowing, there-
fore the municipal bonds deposited into a TOB are presented in the Trust’s
Schedules of Investments and the proceeds from the issuance of the short-
term floating rate certificates shown on the Statements of Assets and
Liabilities as trust certificates.

Interest income from the underlying securities is recorded by the Trusts on
an accrual basis. Interest expense incurred on the secured borrowing and
other expenses related to remarketing, administration and trustee services
to a TOB are reported as expenses of the Trusts. The floating rate certifi-
cates have interest rates that generally reset weekly and their holders have
the option to tender certificates to the TOB for redemption at par at each
reset date. At October 31, 2009, the aggregate value of the underlying
municipal bonds transferred to TOBs, the related liability for trust

SEMI-ANNUAL REPORT OCTOBER 31, 2009 43


Notes to Financial Statements (continued) 
certificates and the range of interest rates on the liability for trust certifi- 
cates were as follows:       
Underlying
Municipal
  Bonds  Liability   
  Transferred  for Trust  Range of 
  to TOBs  Certificates  Interest Rates 
BKN  $ 21,162,415  $11,137,401  0.24% – 0.49% 
BTA  $126,765,179  $84,715,000  0.12% – 0.70% 
BKK  $ 5,446,700  $ 3,750,000  0.49% 
BFK  $122,456,994  $68,583,502  0.20% – 0.57% 
BPS  $ 1,013,490  $ 500,000  0.25% 
BSD  $ 22,943,174  $12,506,383  0.20% – 0.49% 
For the six months ended October 31, 2009, the Trusts’ average trust cer- 
tificates outstanding and the daily weighted average interest rate, including 
fees, were as follows:       
      Daily 
      Weighted 
    Average Trust  Average 
    Certificates  Interest 
    Outstanding  Rate 
BKN    $10,813,206  0.61% 
BTA    $80,187,243  1.09% 
BKK    $ 3,750,000  0.59% 
BFK    $61,385,238  0.47% 
BPS    $ 488,281  0.64% 
BSD    $10,967,379  0.46% 

Should short-term interest rates rise, the Trusts’ investments in TOBs may
adversely affect the Trusts’ investment income and distributions to Common
Shareholders. Also, fluctuations in the market value of municipal bonds
deposited into the TOB may adversely affect the Trusts’ net asset value
per share.

Zero-Coupon Bonds: Each Trust may invest in zero-coupon bonds, which
are normally issued at a significant discount from face value and do not
provide for periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations
which provide for regular interest payments.

Segregation and Collateralization: In cases in which the 1940 Act and the
interpretive positions of the Securities and Exchange Commission (“SEC”)
require that a Trust either delivers collateral or segregates assets in connec-
tion with certain investments (e.g., financial futures contracts) each Trust
will, consistent with SEC rules and/or certain interpretive letters issued by
the SEC, segregate collateral or designate on its books and records cash or
other liquid securities having a market value at least equal to the amount
that would otherwise be required to be physically segregated. Furthermore,
based on requirements and agreements with certain exchanges and third
party broker-dealers, each party has requirements to deliver/deposit secu-
rities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses on
security transactions are determined on the identified cost basis. Dividend
income is recorded on the ex-dividend dates. Interest income is recognized

on the accrual method. Each Trust amortizes all premiums and discounts
on debt securities.

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on
the ex-dividend dates. Dividends and distributions to Preferred Shareholders
are accrued and determined as described in Note 6.

Income Taxes: It is each Trust’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.

Each Trust files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Trusts’ US federal tax returns remain open for the year or period
ended April 30, 2009 and the preceding three taxable years of the respec-
tive Trust. The statutes of limitations on the Trusts’ state and local tax returns
may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board for transfers of finan-
cial assets. This guidance is intended to improve the relevance, represen-
tational faithfulness and comparability of the information that a reporting
entity provides in its financial statements about a transfer of financial
assets; the effects of a transfer on its financial position, financial perform-
ance, and cash flows; and a transferor’s continuing involvement, if any,
in transferred financial assets. The amended guidance is effective for
financial statements for fiscal years and interim periods beginning after
November 15, 2009. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers
occurring on or after the effective date. Additionally, the enhanced disclo-
sure provisions of the amended guidance should be applied to transfers
that occurred both before and after the effective date of this guidance. The
impact of this guidance on the Trusts’ financial statements and disclosures,
if any, is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by each
Trust’s Board, non-interested Trustees (“Independent Trustees”) may defer
a portion of their annual complex-wide compensation. Deferred amounts
earn an approximate return as though equivalent dollar amounts had been
invested in common shares of other certain BlackRock Closed-End Funds
selected by the Independent Trustees. This has approximately the same
economic effect for the Independent Trustees as if the Independent Trustees
had invested the deferred amounts directly in the other certain BlackRock
Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of each
Trust. Each Trust may, however, elect to invest in common shares of other
certain BlackRock Closed-End Funds selected by the Independent Trustees
in order to match its deferred compensation obligations. Investments to
cover each Trust’s deferred compensation liability are included in other
assets in the Statements of Assets and Liabilities. Dividends and distribu-
tions from the BlackRock Closed-End Fund investments under the plan are
included in income — affiliated in the Statements of Operations.

44 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Notes to Financial Statements (continued)

Other: Expenses directly related to each Trust are charged to that
Trust. Other operating expenses shared by several funds are pro-rated
among those funds on the basis of relative net assets or other
appropriate methods.

2. Derivative Financial Instruments:

The Trusts may engage in various portfolio investment strategies both to
increase the returns of the Trusts and to economically hedge, or protect,
their exposure to interest rate risk. Losses may arise if the value of the
contract decreases due to an unfavorable change in the value of the
underlying security, or if the counterparty does not perform under the
contract. To the extent amounts due to the Trusts from their counterparties
are not fully collateralized contractually or otherwise, the Trusts bear the
risk of loss from counterparty non-performance. See Note 1 “Segregation
and Collateralization” for information with respect to collateral practices.
Counterparty risk related to exchange-traded financial futures contracts is
minimal because of the protection against defaults provided by the
exchange on which they trade.

Financial Futures Contracts: The Trusts may purchase or sell financial
futures contracts and options on financial futures contracts to gain expo-
sure to, or economically hedge against, changes in interest rates (interest
rate risk). Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield. Pursuant
to the contract, the Trusts agree to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in value of the contract. Such
receipts or payments are known as margin variation and are recognized by
the Trusts as unrealized gains or losses. When the contract is closed, the
Trusts record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it
was closed. The use of financial futures contracts involves the risk of an
imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:     
               The Effect of Derivative Instruments of the Statements of Operations 
  Six Months Ended October 31, 2009*   
  Net Realized Gain (Loss) From     
  BKN  BTA  BFK  BPS  BSD 
Interest rate           
contracts:           
         Financial           
         futures           
         contracts  $ (20,793)  $ (72,394)  $783,056  $ 15,072  $ 47,203 
* As of October 31, 2009, there were no financial futures contracts outstanding. 
             During the six months ended October 31, 2009, the Funds had limited activity 
             in these transactions.         

3. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc.
(“BlackRock”). Due to the ownership structure, PNC is an affiliate for
1940 Act purposes, but BAC is not.

Each Trust entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services.

The Manager is responsible for the management of each Trust’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Trust. For such services,
each Trust pays the Manager a monthly fee of the Trust’s average weekly net
assets at the following annual rates:

BKN  0.35% 
BTA  1.00% 
BKK  0.50% 
BFK  0.60% 
BPS  0.60% 
BSD  0.60% 

Average weekly net assets for all of the Trusts, except BTA, is the average
weekly value of each Trust’s total assets minus the sum of its accrued lia-
bilities. For BTA, average weekly net assets is the average weekly value of
the Trust’s total assets minus the sum of its total liabilities.

The Manager has voluntarily agreed to waive a portion of the investment
advisory fee as a percentage of net assets as follows:

  Through  Rate 
BTA  January 31, 2008 – January 31, 2011  0.40% 
  January 31, 2012  0.30% 
  January 31, 2013  0.20% 
  January 31, 2014  0.10% 
BFK  July 31, 2008 – July 31, 2009  0.10% 
  July 31, 2010  0.05% 
For the six months ended October 31, 2009, the Manager waived the fol- 
lowing amounts, which are included in fees waived by advisor in the 
Statements of Operations.   
    Fees Waived 
    by Manager 
BTA    $278,179 
BFK    $323,964 

Additionally, the Manager has agreed to waive its advisory fees by the
amount of investment advisory fees each Trust pays to the Manager indi-
rectly through its investment in affiliated money market funds, which are
included in fees waived by advisor in the Statements of Operations. For the
six months ended October 31, 2009, the amounts waived were as follows:

  Fees Waived 
  by Manager 
BKN  $ 7,501 
BTA  $ 1,697 
BKK  $ 2,680 
BFK  $11,363 
BPS  $ 1,214 
BSD  $ 2,936 

SEMI-ANNUAL REPORT OCTOBER 31, 2009 45


Notes to Financial Statements (continued)

The Manager has entered into a separate sub-advisory agreement with
BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Manager,
under which the Manager pays BFM, for services it provides, a monthly fee
that is a percentage of the investment advisory fee paid by the Trusts to
the Manager.

BKN has an Administration Agreement with the Manager. The administration
fee paid to the Manager is computed at an annual rate of 0.15% of the
Trust’s average weekly net assets including proceeds from the issuance of
Preferred Shares and TOBs.

For the six months ended October 31, 2009, certain Trust’s reimbursed the
Manager for certain accounting services in the following amounts, which
are included in accounting services in the Statements of Operations.

  Reimbursement 
BTA  $2,396 
BKK  $4,370 
BFK  $8,937 
BPS  $ 428 
BSD  $1,234 

Certain officers and/or trustees of the Trusts are officers and/or directors of
BlackRock or its affiliates. The Trusts reimburse the Manager for compensa-
tion paid to the Trusts’ Chief Compliance Officer.

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the
six months ended October 31, 2009 were as follows:

  Purchases  Sales 
BKN  $ 85,896,962  $ 75,472,356 
BTA  $ 54,084,061  $ 45,547,898 
BKK  $ 23,253,635  $ 17,193,457 
BFK  $114,766,354  $102,759,562 
BPS  $ 7,090,667  $ 6,242,835 
BSD  $ 23,954,360  $ 26,237,766 

5. Concentration, Market and Credit Risk:

Each Trust invests a substantial amount of its assets in issuers located
in a single state or limited number of states. Please see the Schedules
of Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which reduces the risk
of loss due to issuer default. The market value of these bonds may fluctuate
for other reasons, including market perception of the value of such insur-
ance, and there is no guarantee that the insurer will meet its obligation.

In the normal course of business, the Trusts invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Trusts may decline in response to
certain events, including those directly involving the issuers whose securi-
ties are owned by the Trusts; conditions affecting the general economy;
overall market changes; local, regional or global political, social or eco-
nomic instability; and currency and interest rate and price fluctuations.
Similar to credit risk, the Trusts may be exposed to counterparty risk, or
the risk that an entity with which the Trusts have unsettled or open trans-
actions may default. Financial assets, which potentially expose the Trusts

to credit and counterparty risks, consist principally of investments and cash
due from counterparties. The extent of the Trusts’ exposure to credit and
counterparty risks with respect to these financial assets is approximated
by their value recorded in the Trusts’ Statements of Assets and Liabilities,
less any collateral held by the Trusts.

6. Capital Share Transactions:

BTA, BKK, BFK, BPS and BSD are authorized to issue an unlimited number
of shares, including Preferred Shares, par value $0.001 per share, all of
which were initially classified as Common Shares. BKN is authorized to
issue 200 million shares, including Preferred Shares, all of which were
initially classified as Common Shares par value $0.01 per share. Each
Trust’s Board is authorized, however, to reclassify any unissued shares
without approval of Common Shareholders.

Common Shares

At October 31, 2009, the shares owned by an affiliate of the Manager of
the Trusts were as follows:

      Shares 
BTA      9,704 
BKK      8,028 
For the periods shown, shares issued and outstanding increased by the fol- 
lowing amounts as a result of dividend reinvestment:     
  Six Months  Period   
  Ended  Ended  Year Ended 
  October 31,  April 30,  April 30, 
  2009  2009  2008 
BKN  22,772    138,790 
BFK  79,374  31,369  152,320 
BPS      1,436 
BSD  1,237    6,166 

Shares issued and outstanding remained constant for BTA and BKK for the
current period, prior year and two years prior.

Preferred Shares

The Preferred Shares are redeemable at the option of each Trust, in whole
or in part, on any dividend payment date at their liquidation preference
plus any accumulated unpaid dividends whether or not declared. The
Preferred Shares are also subject to mandatory redemption at their liqui-
dation preference plus any accumulated or unpaid dividends, whether or
not declared, if certain requirements relating to the composition of the
assets and liabilities of a Trust, as set forth in each Trust’s Statement of
Preferences/Articles Supplementary (“Governing Instrument”), as applica-
ble, are not satisfied.

From time to time in the future, each Trust that has issued Preferred Shares
may effect repurchases of such shares at prices below their liquidation
preferences as agreed upon by the Trusts and seller. Each Trust also may
redeem such shares from time to time as provided in the applicable
Governing Instrument. The Trust intends to effect such redemptions and/or
repurchases to the extent necessary to maintain applicable asset coverage
requirements or for such other reasons as the Board may determine.

The holders of Preferred Shares have voting rights equal to the holders of
Common Shares (one vote per share) and will vote together with holders

46 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Notes to Financial Statements (continued)

of Common Shares (one vote per share) as a single class. However, holders
of Preferred Shares, voting as a separate class, are also entitled to elect
two Trustees for each Trust. In addition, the 1940 Act requires that along
with approval by shareholders that might otherwise be required, the
approval of the holders of a majority of any outstanding Preferred Shares
voting separately as a class, would be required to (a) adopt any plan of
reorganization that would adversely affect the Preferred Shares, (b) change
a Trust’s sub-classification as a closed-end investment company or change
its fundamental investment restrictions or (c) change its business so as to
cease to be an investment company.

The Trusts had the following series of Preferred Shares outstanding, effec-
tive yields and reset frequency at October 31, 2009:

        Reset 
    Preferred  Effective  Frequency 
  Series  Shares       Yield  Days 
BKN  T7  2,804       0.43%  7 
  T28  2,234       0.43%  28 
BKK  M7  2,318       0.43%  7 
  W7  2,318       0.43%  7 
  F7  2,318       0.43%  7 
BFK  M7  2,167       0.43%  7 
  T7  2,167       0.43%  7 
  W7  2,167       0.43%  7 
  R7  2,167       0.41%  7 
  F7  2,167       0.43%  7 
BPS  W7  653       0.43%  7 
BSD  W7  1,719       0.43%  7 

Dividends on seven-day and 28-day Preferred Shares are cumulative at
a rate which is reset every seven or 28 days, respectively, based on the
results of an auction. If the Preferred Shares fail to clear the auction on an
auction date, the affected Trust is required to pay the maximum applicable
rate on the Preferred Shares to holders of such shares for successive divi-
dend periods until such time as the shares are successfully auctioned. The
maximum applicable rate on all series of Preferred Shares is the higher of
110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.
The low, high and average dividend rates on the Preferred Shares for each
Trust for the six months ended October 31, 2009 were as follows:

  Series  Low  High  Average 
BKN  T7  0.40%  0.67%  0.50% 
  T28  0.40%  0.63%  0.49% 
BKK  M7  0.40%  0.76%  0.50% 
  W7  0.38%  0.66%  0.50% 
  F7  0.35%  0.76%  0.50% 
BFK  M7  0.40%  0.76%  0.50% 
  T7  0.40%  0.67%  0.50% 
  W7  0.38%  0.66%  0.50% 
  R7  0.35%  0.64%  0.49% 
  F7  0.35%  0.76%  0.50% 
BPS  W7  0.38%  0.66%  0.50% 
BSD  W7  0.38%  0.66%  0.50% 

Since February 13, 2008, the Preferred Shares of each Trust failed to clear
any of their auctions. As a result, the Preferred Shares dividend rates were
reset to the maximum applicable rate that ranged from 0.35% to 0.76% for
the six months ended October 31, 2009. A failed auction is not an event of

default for the Trusts but it has a negative impact on the liquidity of
Preferred Shares. A failed auction occurs when there are more sellers of a
trust’s auction rate preferred shares than buyers. It is impossible to predict
how long this imbalance will last. A successful auction for the Trusts’
Preferred Shares may not occur for some time, if ever, and even if liquidity
does resume, Preferred Shareholders may not have the ability to sell the
Preferred Shares at their liquidation preference.

The Trusts may not declare dividends or make other distributions on
Common Shares or purchase any such shares if, at the time of the decla-
ration, distribution or purchase, asset coverage with respect to the out-
standing Preferred Shares is less than 200%.

The Trusts pay commissions of 0.25% on the aggregate principal amount
of all shares that successfully clear their auctions and 0.15% on the
aggregate principal amount of all shares that fail to clear their auctions.
Certain broker-dealers have individually agreed to reduce commissions for
failed auctions.

During the six months ended October 31, 2009, the Trusts announced the
following redemptions of Preferred Shares at a price of $25,000 per share
plus any accrued and unpaid dividends through the redemption dates:

    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
BKN  T7  7/08/09  22  $ 550,000 
  T28  7/08/09  18  $ 450,000 
BFK  M7  7/14/09  178  $4,450,000 
  T7  7/08/09  178  $4,450,000 
  W7  7/09/09  178  $4,450,000 
  R7  7/10/09  178  $4,450,000 
  F7  7/13/09  178  $4,450,000 
BPS  W7  7/09/09  20  $ 500,000 
BSD  W7  7/09/09  191  $4,775,000 
During the period ended April 30, 2009, the Trusts announced the following 
redemptions of Preferred Shares at a price of $25,000 per share plus any 
accrued and unpaid dividends through the redemption date:   
    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
BKN  T7  6/25/08  436  $10,900,000 
  T28  7/09/08  348  $ 8,700,000 
BKK  M7  6/24/08  50  $ 1,250,000 
  W7  6/26/08  50  $ 1,250,000 
  F7  6/30/08  50  $ 1,250,000 
BFK  M7  6/24/08  656  $16,400,000 
  T7  6/25/08  656  $16,400,000 
  W7  6/26/08  656  $16,400,000 
  R7  6/27/08  656  $16,400,000 
  F7  6/30/08  656  $16,400,000 
BPS  W7  6/26/08  27  $ 675,000 
BSD  W7  6/26/08  570  $14,250,000 
The Trusts financed the Preferred Shares redemptions with cash received 
from TOBs.         
Preferred Shares issued and outstanding for the year ended October 31, 
2008 for BKN, BTA and BFK and the year ended December 31, 2008 for 
BKK, BPS and BSD remained constant.     

SEMI-ANNUAL REPORT OCTOBER 31, 2009 47


Notes to Financial Statements (concluded)   
7. Capital Loss Carryforwards:       
As of April 30, 2009, the Trusts had capital loss carryforwards available to   
offset future realized capital gains through the indicated expiration dates:   
Expires April 30,  BKN  BTA     BKK       BFK   
2011        $11,445,922   
2012        15,775,833   
2013      $ 264,701     
2014  $ 728,359  $ 701,315    4,991,959   
2015      524,725  606,017   
2016  4,566,913  22,052,642  411,992  10,207,532   
2017  4,506,796  6,882,935    2,065,704   
Total  $9,802,068  $29,636,892  $1,201,418  $45,092,967   
Expires April 30,         BPS       BSD   
2012        $ 427,602   
2013      $ 133,646  1,011,077   
2016      127,957  251,883   
2017      929,529  4,028,776   
Total      $1,191,132  $5,719,338   
8. Subsequent Events:         
Management’s evaluation of the impact of all subsequent events on the   
Trusts’ financial statements was completed through December 23, 2009,   
the date the financial statements were issued.       
Each Trust paid a net investment income dividend on December 1, 2009 to   
Common Shareholders of record on November 13, 2009 as follows:   
      Common Dividend   
        Per Share   
BKN        $0.08150   
BTA        $0.05750   
BKK        $0.06225   
BFK        $0.07860   
BPS        $0.06400   
BSD        $0.07000   
The dividends declared on Preferred Shares for the period November 1,   
2009 to November 31, 2009 were as follows:       
        Dividends   
      Series  Declared   
BKN      T7  $ 23,654   
      T28  $ 19,214   
BKK      M7  $ 18,777   
      W7  $ 19,248   
      F7  $ 18,802   
BFK      M7  $ 21,731   
      T7  $ 21,216   
      W7  $ 21,067   
      R7  $ 20,845   
      F7  $ 21,699   
BPS      W7  $ 5,423   
BSD      W7  $ 14,287   
48  SEMI-ANNUAL REPORT    OCTOBER 31, 2009 


Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Trustees (each, a “Board” and, collectively, the “Boards,” and
the members of which are referred to as “Board Members”) of each of
BlackRock Investment Quality Municipal Trust (“BKN”), BlackRock Long-
Term Municipal Advantage Trust (“BTA”), BlackRock Municipal 2020 Term
Trust (“BKK”), BlackRock Municipal Income Trust (“BFK”), BlackRock
Pennsylvania Strategic Municipal Trust (“BPS”) and BlackRock Strategic
Municipal Trust (“BSD,” and together with BKN, BTA, BKK, BFK and BPS,
each a “Fund,” and, collectively, the “Funds”) met on April 14, 2009 and
May 28 – 29, 2009 to consider the approval of each Fund’s investment
advisory agreement (each, an “Advisory Agreement”) with BlackRock
Advisors, LLC (the “Manager”), each Fund’s investment advisor. Each
Board also considered the approval of the sub-advisory agreement (each,
a “Sub-Advisory Agreement”) between its respective Fund, the Manager
and BlackRock Financial Management, Inc. (the “Sub-Advisor”). The
Manager and the Sub-Advisor are referred to herein as “BlackRock.” The
Advisory Agreements and the Sub-Advisory Agreements are referred to
herein as the “Agreements.” Unless otherwise indicated, references to
actions taken by the “Board” or the “Boards” shall mean each Board
acting independently with respect to its respective Fund.

Activities and Composition of the Boards

Each Board consists of twelve individuals, ten of whom are not “interested
persons” of the Funds as defined in the Investment Company Act of 1940,
as amended (the “1940 Act”) (the “Independent Board Members”). The
Board Members of each Fund are responsible for the oversight of the oper-
ations of such Fund and perform the various duties imposed on the direc-
tors of investment companies by the 1940 Act. The Independent Board
Members have retained independent legal counsel to assist them in con-
nection with their duties. The Chairman of each Board is an Independent
Board Member. Each Board has established five standing committees:
an Audit Committee, a Governance and Nominating Committee, a Compli-
ance Committee, a Performance Oversight Committee and an Executive
Committee, each of which is composed of Independent Board Members
(except for the Executive Committee, which has one interested Board
Member) and is chaired by an Independent Board Member. In addition,
each Board has established an Ad Hoc Committee on Auction Market
Preferred Shares.

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continuation
of the Agreements on an annual basis. In connection with this process, each
Board assessed, among other things, the nature, scope and quality of the
services provided to its respective Fund by the personnel of BlackRock and
its affiliates, including investment management, administrative and shareholder
services, oversight of fund accounting and custody, marketing services and
assistance in meeting applicable legal and regulatory requirements.

Throughout the year, the Boards, acting directly and through their commit-
tees, consider at each of their meetings factors that are relevant to their
annual consideration of the renewal of the Agreements, including the serv-
ices and support provided by BlackRock to the Funds and their shareholders.

Among the matters the Boards considered were: (a) investment perform-
ance for one-, three- and five-year periods, as applicable, against peer
funds, and applicable benchmarks, if any, as well as senior management
and portfolio managers’ analysis of the reasons for any out performance or
underperformance against each Fund’s peers; (b) fees, including advisory
fees and, with respect to BKN, administration fees, and other amounts paid
to BlackRock and its affiliates by the Funds for services such as call center
and fund accounting; (c) the Funds’ operating expenses; (d) the resources
devoted to, and compliance reports relating to, the Funds’ investment
objectives, policies and restrictions; (e) the Funds’ compliance with their
Code of Ethics and compliance policies and procedures; (f) the nature,
cost and character of non-investment management services provided by
BlackRock and its affiliates; (g) BlackRock’s and other service providers’
internal controls; (h) BlackRock’s implementation of the proxy voting poli-
cies approved by the Boards; (i) execution quality of portfolio transactions;
(j) BlackRock’s implementation of the Funds’ valuation and liquidity proce-
dures; and (k) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 14, 2009 meeting, each Board
requested and received materials specifically relating to the Agreements.
Each Board is engaged in an ongoing process with BlackRock to continu-
ously review the nature and scope of the information provided to better
assist their deliberations. The materials provided in connection with the
April meeting included (a) information independently compiled and pre-
pared by Lipper, Inc. (“Lipper”) on Fund fees and expenses, and the invest-
ment performance of each Fund as compared with a peer group of funds
as determined by Lipper and, where applicable, a customized peer group
selected by BlackRock (collectively, “Peers”); (b) information on the prof-
itability of the Agreements to BlackRock and a discussion of fall-out bene-
fits to BlackRock and its affiliates and significant shareholders; (c) a
general analysis provided by BlackRock concerning investment advisory
fees charged to other clients, such as institutional clients and open-end
funds, under similar investment mandates, as well as the performance of
such other clients; (d) the impact of economies of scale; (e) a summary
of aggregate amounts paid by each Fund to BlackRock; and (f) an internal
comparison of management fees classified by Lipper, if applicable.

At an in-person meeting held on April 14, 2009, each Board reviewed
materials relating to its consideration of the Agreements. As a result of the
discussions that occurred during the April 14, 2009 meeting, the Boards
presented BlackRock with questions and requests for additional informa-
tion and BlackRock responded to these requests with additional written
information in advance of the May 28 – 29, 2009 Board meeting.

At an in-person meeting held on May 28 – 29, 2009, each Fund’s Board,
including the Independent Board Members, unanimously approved the
continuation of the Advisory Agreement between the Manager and such
Fund and the Sub-Advisory Agreement between such Fund, the Manager
and the Sub-Advisor, each for a one-year term ending June 30, 2010. The
Boards considered all factors they believed relevant with respect to the

SEMI-ANNUAL REPORT OCTOBER 31, 2009 49


Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

Funds, including, among other factors: (a) the nature, extent and quality of
the services provided by BlackRock; (b) the investment performance of the
Funds and BlackRock portfolio management; (c) the advisory fee and the
cost of the services and profits to be realized by BlackRock and certain
affiliates from their relationship with the Funds; (d) economies of scale;
and (e) other factors.

Each Board also considered other matters it deemed important to the
approval process, such as services related to the valuation and pricing
of its respective Fund’s portfolio holdings, direct and indirect benefits
to BlackRock and its affiliates and significant shareholders from their rela-
tionship with such Fund and advice from independent legal counsel with
respect to the review process and materials submitted for the Board’s
review. The Boards noted the willingness of BlackRock personnel to engage
in open, candid discussions with the Boards. The Boards did not identify
any particular information as controlling, and each Board Member may
have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services: Each Board, including its
Independent Board Members, reviewed the nature, extent and quality of
services provided by BlackRock, including the investment advisory services
and the resulting performance of its respective Fund. Throughout the year,
each Board compared its respective Fund’s performance to the perform-
ance of a comparable group of closed-end funds, and the performance
of a relevant benchmark, if any. The Boards met with BlackRock’s senior
management personnel responsible for investment operations, including
the senior investment officers. Each Board also reviewed the materials
provided by its respective Fund’s portfolio management team discussing
such Fund’s performance and such Fund’s investment objective, strategies
and outlook.

Each Board considered, among other factors, the number, education and
experience of BlackRock’s investment personnel generally and its respec-
tive Fund’s portfolio management team, investments by portfolio man-
agers in the funds they manage, BlackRock’s portfolio trading capabilities,
BlackRock’s use of technology, BlackRock’s commitment to compliance
and BlackRock’s approach to training and retaining portfolio managers
and other research, advisory and management personnel. Each Board
also reviewed a general description of BlackRock’s compensation structure
with respect to its respective Fund’s portfolio management team and
BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, each Board considered the quality of
the administrative and non-investment advisory services provided to its
respective Fund. BlackRock and its affiliates and significant shareholders
provide the Funds with certain administrative and other services (in addi-
tion to any such services provided to the Funds by third parties) and offi-
cers and other personnel as are necessary for the operations of the Funds.
In addition to investment advisory services, BlackRock and its affiliates
provide the Funds with other services, including (i) preparing disclosure doc-
uments, such as the prospectus and the statement of additional informa-
tion in connection with the initial public offering and periodic shareholder

reports; (ii) preparing communications with analysts to support secondary
market trading of the Funds; (iii) assisting with daily accounting and pric-
ing; (iv) preparing periodic filings with regulators and stock exchanges;
(v) overseeing and coordinating the activities of other service providers;
(vi) organizing Board meetings and preparing the materials for such Board
meetings; (vii) providing legal and compliance support; and (viii) perform-
ing other administrative functions necessary for the operation of the Funds,
such as tax reporting, fulfilling regulatory filing requirements, and call cen-
ter services. The Boards reviewed the structure and duties of BlackRock’s
fund administration, accounting, legal and compliance departments and
considered BlackRock’s policies and procedures for assuring compliance
with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: Each Board,
including its Independent Board Members, also reviewed and considered
the performance history of its respective Fund. In preparation for the April 14,
2009 meeting, the Boards were provided with reports, independently pre-
pared by Lipper, which included a comprehensive analysis of each Fund’s
performance. The Boards also reviewed a narrative and statistical analysis
of the Lipper data that was prepared by BlackRock, which analyzed various
factors that affect Lipper’s rankings. In connection with its review, each
Board received and reviewed information regarding the investment per-
formance of its respective Fund as compared to a representative group
of similar funds as determined by Lipper and to all funds in such Fund’s
applicable Lipper category and, where applicable, a customized peer group
selected by BlackRock. Each Board was provided with a description of the
methodology used by Lipper to select peer funds. Each Board regularly
reviews the performance of its respective Fund throughout the year.

The Board of BPS noted that, in general, BPS performed better than its
Peers in that BPS’s performance was at or above the median of its Lipper
performance universe composite in two of the one-, three- and five-year
periods reported.

The Board of each of BKN, BFK and BSD noted that, in general, each of
BKN, BFK and BSD performed better than their respective Peers in that the
performance of each of BKN, BFK and BSD was at or above the median of
their respective customized Lipper peer group composite in each of the
one-, three- and five-year periods reported.

The Board of BKK noted that BKK performed below the median of its
Lipper performance universe composite in the one-, three- and five-year
periods reported. The Board of BKK and BlackRock reviewed the reasons
for BKK’s underperformance during these periods compared with its Peers.
The Board of BKK was informed that, among other things, performance was
heavily influenced by BKK’s sector allocation which experienced volatile
market movement last year.

The Board of BTA noted that BTA performed below the median of its cus-
tomized Lipper peer group composite in the one-year period reported. The
Board of BTA and BlackRock reviewed the reasons for BTA’s underperformance
during this period compared with its Peers. The Board of BTA was informed

50 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

that, among other things, BTA’s above market weight exposure to both credit
and the long end of the yield curve negatively impacted performance.

For BKK and BTA, the Board of each respective Fund and BlackRock dis-
cussed BlackRock’s commitment to providing the resources necessary to
assist the portfolio managers and to improve each such Fund’s performance.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Funds: Each Board, including its Independent
Board Members, reviewed its respective Fund’s contractual advisory fee
rates compared with the other funds in its respective Lipper category.
Each Board also compared its respective Fund’s total expenses, as well
as actual management fees, to those of other comparable funds. Each
Board considered the services provided and the fees charged by
BlackRock to other types of clients with similar investment mandates,
including separately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it provided
the Funds. The Boards were also provided with a profitability analysis that
detailed the revenues earned and the expenses incurred by BlackRock for
services provided to the Funds. The Boards reviewed BlackRock’s profitabil-
ity with respect to the Funds and other funds the Boards currently oversee
for the year ended December 31, 2008 compared to available aggregate
profitability data provided for the year ended December 31, 2007. The
Boards reviewed BlackRock’s profitability with respect to other fund com-
plexes managed by the Manager and/or its affiliates. The Boards reviewed
BlackRock’s assumptions and methodology of allocating expenses in the
profitability analysis, noting the inherent limitations in allocating costs
among various advisory products. The Boards recognized that profitability
may be affected by numerous factors including, among other things, fee
waivers by the Manager, the types of funds managed, expense alloca-
tions and business mix, and therefore comparability of profitability is
somewhat limited.

The Boards noted that, in general, individual fund or product line profitabil-
ity of other advisors is not publicly available. Nevertheless, to the extent
such information is available, the Boards considered BlackRock’s overall
operating margin, in general, compared to the operating margin for leading
investment management firms whose operations include advising closed-
end funds, among other product types. The comparison indicated that
operating margins for BlackRock with respect to its registered funds are
generally consistent with margins earned by similarly situated publicly
traded competitors. In addition, the Boards considered, among other
things, certain third-party data comparing BlackRock’s operating margin
with that of other publicly-traded asset management firms, which con-
cluded that larger asset bases do not, in themselves, translate to higher
profit margins.

In addition, the Boards considered the cost of the services provided to the
Funds by BlackRock, and BlackRock’s and its affiliates’ profits relating to

the management and distribution of the Funds and the other funds advised
by BlackRock and its affiliates. As part of their analysis, the Boards reviewed
BlackRock’s methodology in allocating its costs to the management of the
Funds. The Boards also considered whether BlackRock has the financial
resources necessary to attract and retain high quality investment manage-
ment personnel to perform its obligations under the Agreements and to con-
tinue to provide the high quality of services that is expected by the Boards.

The Board of each of BKN, BKK, BFK, BPS and BSD noted that its respec-
tive Fund paid contractual management fees, which do not take into account
any expense reimbursement or fee waivers, lower than or equal to the
median contractual management fees paid by such Fund’s Peers.

The Board of BTA noted that although BTA paid contractual management
fees higher than the median of its Peers, its actual management fees were
lower than or equal to the median of its Peers.

D. Economies of Scale: Each Board, including its Independent Board
Members, considered the extent to which economies of scale might be
realized as the assets of its respective Fund increase and whether there
should be changes in the advisory fee rate or structure in order to enable
such Fund to participate in these economies of scale, for example through
the use of breakpoints in the advisory fee based upon the assets of such
Fund. The Boards considered that the funds in the BlackRock fund complex
share some common resources and, as a result, an increase in the overall
size of the complex could permit each fund to incur lower expenses than
it would otherwise as a stand-alone entity. The Boards also considered
BlackRock’s overall operations and its efforts to expand the scale of, and
improve the quality of, its operations.

The Boards noted that most closed-end fund complexes do not have fund
level breakpoints because closed-end funds generally do not experience
substantial growth after the initial public offering and each fund is man-
aged independently, consistent with its own investment objectives. The
Boards noted that only one closed-end fund in the Fund Complex has
breakpoints in its fee structure. Information provided by Lipper also
revealed that only one closed-end fund complex used a complex-level
breakpoint structure.

E. Other Factors: The Boards also took into account other ancillary or “fall-
out” benefits that BlackRock or its affiliates and significant shareholders
may derive from their relationship with the Funds, both tangible and intan-
gible, such as BlackRock’s ability to leverage its investment professionals
who manage other portfolios, an increase in BlackRock’s profile in the
investment advisory community, and the engagement of BlackRock’s affili-
ates and significant shareholders as service providers to the Funds, includ-
ing for administrative and distribution services. The Boards also noted that
BlackRock may use third-party research obtained by soft dollars generated
by certain mutual fund transactions to assist itself in managing all or a
number of its other client accounts.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 51


Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

In connection with their consideration of the Agreements, the Boards also
received information regarding BlackRock’s brokerage and soft dollar prac-
tices. The Boards received reports from BlackRock, which included informa-
tion on brokerage commissions and trade execution practices throughout
the year.

Conclusion

Each Board, including its Independent Board Members, unanimously
approved the continuation of the Advisory Agreement between its respec-
tive Fund and the Manager for a one-year term ending June 30, 2010 and
the Sub-Advisory Agreement between such Fund, the Manager and such
Fund’s Sub-Advisor for a one-year term ending June 30, 2010. Based
upon its evaluation of all these factors in their totality, each Board, includ-
ing its Independent Board Members, was satisfied that the terms of the

Agreements were fair and reasonable and in the best interest of its respec-
tive Fund and its shareholders. In arriving at a decision to approve the
Agreements, each Board did not identify any single factor or group of fac-
tors as all-important or controlling, but considered all factors together, and
different Board Members may have attributed different weights to the vari-
ous factors considered. The Independent Board Members were also assisted
by the advice of independent legal counsel in making this determination.
The contractual fee arrangements for each Fund reflects the results of sev-
eral years of review by such Fund’s Board Members and predecessor Board
Members, and discussions between such Board Members (and predecessor
Board Members) and BlackRock. Certain aspects of the arrangements may
be the subject of more attention in some years than in others, and the
Board Members’ conclusions may be based in part on their consideration
of these arrangements in prior years.

52 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Officers and Trustees

Richard E. Cavanagh, Chairman of the Board and Trustee
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee
and Trustee
G. Nicholas Beckwith, III, Trustee
Kent Dixon, Trustee and Member of the Audit Committee
Frank J. Fabozzi, Trustee and Member of the Audit Committee
Kathleen F. Feldstein, Trustee
James T. Flynn, Trustee and Member of the Audit Committee
Jerrold B. Harris, Trustee
R. Glenn Hubbard, Trustee
W. Carl Kester, Trustee
Richard S. Davis, Trustee
Henry Gabbay, Trustee
Anne F. Ackerley, President and Chief Executive Officer
Brendan Kyne, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer
Howard B. Surloff, Secretary

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Financial Management, Inc.
New York, NY 10022

Custodian
State Street Bank and Trust Company
Boston, MA 02101

Transfer Agent
Common Shares:
Computershare Trust Companies, N.A.
Canton, MA 02021

Auction Agent
Preferred Shares:
The Bank of New York Mellon1
New York, NY 10286

Deutsche Bank Trust Company Americas2
New York, NY 10005

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036

Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809

1 For BFK and BKK.
2 For BPS, BSD and BKN.

Effective July 31, 2009, Donald C. Burke, President and Chief Executive Officer of the Trusts, retired. The Trusts’ Board
wishes Mr. Burke well in his retirement.

Effective August 1, 2009, Anne F. Ackerley became President and Chief Executive Officer of the Trusts, and Brendan Kyne
became Vice President of the Trusts.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 53


Additional Information               
     Proxy Results                 
The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009 to elect director or trustee nominees of 
each Trust. The Board is organized into three classes, one class of which is elected annually. Each Director/Trustee serves a three-year term concurrent with 
the class into which he or she is elected.               
Approved the Class II Directors/Trustees as follows:               
  Richard S. Davis  Frank J. Fabozzi  James T. Flynn  Karen P. Robards 
     Votes     Votes     Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
BKN  13,918,656  326,800  2,8021  611  13,918,656  326,800  13,899,913  345,543 
BTA  11,497,191  485,388  11,497,191  485,388  11,498,176  484,403  11,491,219  491,360 
BKK  18,716,891  813,374  4,7861  21  18,716,891  813,374  18,668,706  861,559 
BFK  39,949,681  1,163,093  6,2041  1001  39,949,681  1,163,093  39,908,253  1,204,521 
BPS  1,871,079  64,623  3661  01  1,871,079  64,623  1,861,324  74,378 
BSD  6,245,302  328,194  9311  381  6,245,302  328,194  6,240,302  333,194 
1 Voted on by holders of Preferred Shares only.               

General Information

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ web-
sites or shareholders can sign up for e-mail notifications of quarterly state-
ments, annual and semi-annual reports by enrolling in the Trusts’ electronic
delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder
documents may be householded indefinitely unless you instruct us other-
wise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please contact the Trusts
at (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the
Securities and Exchange Commission (“SEC”) for the first and third quar-
ters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available
on the SEC’s website at http://www.sec.gov and may also be reviewed and
copied at the SEC’s Public Reference Room in Washington, DC. Information
on the operation of the Public Reference Room may be obtained by calling
(202) 551-8090. Each Trust’s Forms N-Q may also be obtained upon
request and without charge by calling (800) 441-7762

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling toll-free (800) 441-7762;
(2) at www.blackrock.com; and (3) on the SEC’s website at
http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities
held in the Trusts’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s
website at http://www.sec.gov.

54 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer
reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access
to non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 55



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation
of future performance. Certain Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater
volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information
herein are as dated and are subject to change.



Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to
this semi-annual report

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

11(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock Municipal Income Trust

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Municipal Income Trust

Date: December 21, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Income Trust

Date: December 21, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Income Trust

Date: December 21, 2009